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1.1 In this agreement clause headings are for convenience only and should not be used to interpret the agreement.

1.2 Unless the context shows otherwise, the following expressions have the meanings assigned to them below and similar expressions will mean the same:

• 1.2.1 Agreement - the respective credit product agreement that you enter into, which includes the application, quotation, terms and conditions and annexes to the agreement. The agreement includes the general terms and conditions applicable to credit products.
• 1.2.2 Application - the respective application for a credit product.
• 1.2.3 Business day - a day other than a Saturday or Sunday or a day that is proclaimed a public holiday in South Africa.
• 1.2.4 NCA - the National Credit Act, 34 of 2005.
• 1.2.5 Product terms and conditions - the terms and conditions that apply to the specific product that you have chosen.
• 1.2.6 Quotation(s) - the most recent written quotation(s) that we gave you for the respective credit product(s).
• 1.2.7 Principal debt - all amounts that you owe us in terms of the respective agreement.

2. INTEREST FEE:

• 2.1 Monare Cash Loans (Pty) Ltd, offers loan at 5% interest rate on all loans.
• 2.2 We will charge interest on the outstanding balance and all amounts that you owe use or that we may claim in terms of the respective agreements at the rates stipulated in the quotation(s).
• 2.3 Interest is calculated daily, on the basis of a 365-day year, from the date that credit is granted and debited monthly in arrears.
• 2.4 We will charge interest for the period between the date that credit is granted to you and your first instalment due date, which is payable monthly in arrears. If you do not pay your instalments (default), we will charge further interest on overdue amounts (including fees, costs and charges) at the same rate as the interest rate that applies to the respective agreement, calculated and capitalised monthly.

3. FEES, COSTS AND CHARGES:

• 3.1 You must pay all fees, costs and charges specified in any quotation given as neccessary. We may change any fees, costs or charges, for clients with bad credit profile but it will not exceed the prescribed NCA amount and we will give you notice.
• 3.2 You will be liable for all costs that incur due to extra defaults, such as Bank charges, insurance, legal costs charged on an attorney and client scale, counsel fees, tracing fees and collection charges. You agree to secure these costs with the security (if applicable) and to pay the costs on demand.
• 3.3 You agree that payment or reimbursement of any costs, fees, expenses or payouts includes the payment of value-added tax (VAT), if applicable

4. INITIATION FEE PAYMENT:

• Payment for Initiation fee is compulsory once-off payment upfront, your loan request is already in queue for payment , it will be paid immediately you clear your initiation fee.
• 4.1 An initiation fee is a charge levied by our institution when a new loan is established for client with bad profile (high-risk credit profile). Since this loan agreement is unsecured and not backed by any physical collateral (such as property or assets), Monare Cash Loans (Pty) Ltd requires a One-Time Payment of Initiation which is your first month installment payment upfront in accordance with the National Credit Act, 34 of 2005.
• 4.2 THIS FEE IS INTENDED TO:
  • • Secure the loan agreement between with our company, in case of failure to pay first-second monthly installments. This will give us assurance; ensure that we have received your first prior installment, and show your readiness to pay your installment.
  • • Provide financial coverage in case of unforeseen circumstances such as job loss, permanent disability, debt review, bad credit scores, or the borrower's unfortunate demise before starts the loan repayment installment.
• However, It's Important to know that your loan Initiation fee is not an additional cost and it’s a One-time payment, which is your first month installment payment upfront, ensuring no extra burden or cost on the borrower.
• 4.3 Important: This loan Initiation fee is not an additional cost and it’s a One-time payment, but will be deducted as your repayment amount, ensuring no extra burden or cost on the borrower.

5. LOAN DISBURSEMENT PROCESS:

• 5.1 Upon receipt of payment of your Initiation charge, the approved loan amount will be transferred to your nominated bank account within Thirty (30) Mins.
• 5.2 You will receive a confirmation of the disbursal, along with details on your loan repayment schedule, including the monthly installment amount and due dates.
• 5.3 You are required to contact your assigned loan agent after the funds reflect in your account for any further clarifications or assistance regarding repayment.
• 5.4 If you apply for a further loan, we have the right to settle your existing personal loan from the proceeds of the new loan. Depending on the type of loan you qualified for, the loan amount or the lesser amount will be paid to the merchant or into your nominated account. If you chose a split payment of the loan, a portion of the loan amount will be paid to the merchant and the remainder of the loan amount will be paid into your nominated account.

6. APPLICATION FOR DEBT REVIEW,BLACKLISTED, LOW CREDIT SCORE:

• 6.1 Monare Cash Loans (Pty) Ltd, offers loan to applicants with bad credit profile.
• 6.2 For Client's in Debt Review, our debt counsellor will determine if you are overindebted and, if you requested a declaration of reckless credit, the debt counsellor will determine if any of the agreements are reckless.
• 6.3 The debt counsellor may reject your application or may recommend that you and your credit providers consider and agree on a debt rearrangement plan.

7. PAYMENT OF INSTALMENTS:

• 7.1 You must repay the loan amount together with interest, fees and charges as stated in the quotation. The payment may, in our discretion, be made through the authenticated mandate collection system or any other collection system that we may choose to use. If you do not pay on the due date or if we pay any amount on your behalf, this will be included in the outstanding balance and we have the right to change the monthly payments to ensure that your loan is repaid in the same period as stated in the quotation.
• 7.2 If your bank account is closed, inaccessible or does not have enough money to pay the debit order, we may apply the debit order to any bank account that you may have with us, subject to the provisions of the NCA. If you cancel your debit order authority, you must choose another payment method acceptable to us and notify us immediately. If you choose a payment method other than debit order, receipt of payment will be at your risk until we receive and process the payment.

8. LOAN CONTRACT:

• 8.1 Your loan approval is based on loan policy and in accordance with the credit policy of the National Credit Regulator (NCR) which stipulates the signing of a loan contractual agreement between parties. These services are at the sole discretion of borrower, the borrower Monare Cash Loans SERVICES (PTY) LTD, reserves the right to decline an application without any liability whatsoever on it part. Access to our service cannot be claimed as a right.
• 8.2 Installments are due (60) days from the date of the Approval Notice, and subsequent installments will be due monthly thereafter. To this end, it is a condition of the Agreement that you authorize us to originate a monthly debit order against the bank account that your income is paid into. Deductions will be made on your payment date, or on the last business day preceding this date, where the said date falls on a weekend or public holiday, provided that such date is not earlier.

9. REFUND POLICY

• 9.1 Cancellation of Loan: Cancellation of loan incurre a cancellation fee charges which iscalcluated based your loan quotations. If the Borrower cancels the loan within 1 days of signing the loan agreement, the Lender will refund the Borrower's deposit in full.
• 9.2 Error in Loan Calculation: If the Lender makes an error in calculating the loan amount, interest rate, or repayment schedule, the Borrower will be entitled to a refund of any excess payments made.
• 9.3 To request a refund, the Borrower must submit a written request to the Lender within 2 days of the event giving rise to the refund. The Lender will review the request and issue a refund within 15-30 days of receiving the request.
• 9.4 Refund Amount The refund amount will be calculated based on the Lender's records and will be paid to the Borrower nominated bank account provided. This Refund Policy shall be governed by and construed in accordance with the laws of the company
• 9.5 In some cases (such as making payment for charges, Bank Charges), refund might take within 24hrs.