Frequently Asked Questions
WHAT IS YOUR INTEREST RATE?
We apply a fixed nominal rate of 26.2% per annum which is within the guidelines as prescribed by the National Credit Act. Because interest is calculated on the reducing balance method, the effective interest rate works out to roughly 16% per annum.
WHAT ARE YOUR TERMS?
Depending on your salary structure, terms can be 6 months, 12 months or 18 months. We also offer weekly and fortnightly repayment options as well as one month loans to be paid back at your next salary date.
HOW LONG DOES IT TAKE TO GET AN ANSWER?
HOW LONG DOES IT TAKE FOR THE MONEY TO BE AVAILABLE?
Typically 24 Hours after loan approval
DOES VECTO FINANCE MARKET LOANS TO EMPLOYEES?
Not unless requested by the employer. We promote responsible credit granting. We will not provide credit recklessly nor create financial hardship or over indebtedness to your employees.
DOES VECTO FINANCE DO CREDIT CHECKS?
Most certainly. We strictly adhere to the National Credit Act and ensure responsible lending through credit screening and careful assessment of loan affordability.
ANY OTHER CHARGES?
We charge an initiation fee as well as a monthly service fee in accordance with the provisions of the National Credit Act. The initiation fee is calculated at R165 plus 10% of the amount borrowed in excess of R1,000. This is capped at R1,050 (ex VAT) as per the NCA. Service fees are charged on a monthly basis and calculated at 0.75% of the loan principal, capped at R60 (ex VAT) as per the NCA. This fee is adjusted pro rata in the month that the loan is completed.
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