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Our Services

We provide outsourced staff loans management

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Employee Loans

Employees can apply for unsecured loans from Vecto Finance against salary deductions.

How to Apply

Study the loan / repay tables to choose loan amount to apply for. See what payment will be.

Questions

Frequently Asked Questions we receive from Companies (HR) & Staff about loans.

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Personal Budgeting

Learn about money, credit, how to use credit and be responsible in making good choices.

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Our quality policy: strict and effective managment to have best product for you.

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More Free Employee Benefits

More No cost, No risk, innovative benefits for your employees. Foster great staff relationships .

Our COre Service

Unsecured Employee Loans

Our Core Service

Vecto follows a simple and easily understandable strategy by providing only what people need.

Elsewhere you may find:

o Compulsory add-ons to credit products that add no value, but increases costs.
o Having to move your primary bank account to qualify for credit.
o No quotes or transparent pricing thereby preventing cost comparison for the best deal.
o Inaccurate interest and fee calculations that are always in the favour of the credit provider.

If you are formally employed you can apply for a Vecto loan

… Simple as that…
 Our unsecured short term loans are exactly that:

o We publish our rates and fees in an easily understandable format.  Clients know exactly what they are in for.
o We do an affordability calculation on behalf of applicants to ensure that they are borrowing (and we are lending) responsibly.
o ALL our practices and pricing comply FULLY with the National Credit Act.
o We offer third party payments.

Employers also benefit through participation in that:

o Their staff is not exploited and gets a fair deal.
o They are fully informed of debt and repayment commitments of their staff
o No need for staff loans with the concomitant problems.
o The offering of a formal employee benefit is good for staff relations.
o In qualifying situations we will settle garnishee orders thereby getting people out of their debt traps and removing the administrative burden for the payroll office.

Simply sign up:

o The employer signs up through a simple undertaking of deducting repayments from salaries and wages and paying these over to Vecto on a regular basis. NO financial risk to the employer.
o Staff is briefed properly on the workings of the employee benefit that they now qualify for. New loan applications are short and sweet and forwarded through the pay office. Payout to any bank within 24 hours of loan approval.
o The employer receives a detailed monthly remittance timeously that specifies the loan deduction from each staff member, as well as outstanding balances etc.

We serve many happy employers and their loyal staff.
applications

How To Apply For A Loan?

Passionate to help HR help employees

You must be employed at one of our Listed Employers

A staff member who has been permanently employed for at least 4 months is eligible to apply. Employer MUST be registered with Vecto.

I'm employed. So I simply follow these steps

  • Get an application form from your Payroll / HR Department.
  • Make sure the form is completed in full.
  • Attach a copy of your payslip and ID document.
  • Double check your ID Number and Bank Account details.
  • Sign the form in the space provided (applicant).
  • Give the form back to your Payroll / HR Department.
  • Your Payroll / HR Manager will sign the form after checking that everything has been completed correctly (company).
  • Your Payroll / HR Manager will then fax or email the application form to Vecto Finance.
  • Vecto Finance will do a credit risk and affordability assessment and if satisfactory will process the loan and deposit the money into your bank account within 24 hours of us receiving your application.
  • The instalment will be deducted from your salary via the payroll and this amount will be paid over to Vecto Finance.

Illustrative Payment Schedules

Kindly note that our repayment schedules are for illustrative purposes only as we charge interest on daily balance capitalised at month end as per the National Credit Act. The amounts shown on the repayment tables will vary depending on when payments are received. If payments are made sooner then required, less interest will be charged.

Download our Standard Repayment Tables (for 6, 12 and 18 month loans) or our One Month Repayment Tables for our month end loans.

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Have More Questions?

See our Frequently Asked Questions Below

People have asked us...

Frequently Asked Questions

Passionate to help HR help employees

01

WHAT IS YOUR INTEREST RATE?

The Reserve Bank increased the Repo Rate by 75 basis points on Thursday, 21 July 2022. Effective 1 August 2022, Vecto Finance's interest rate will increase to 26% after having held our interest rate at the same level for the last 6 months (two rounds of repo rate increases).

We apply a fixed nominal rate of 26% 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 18% per annum.

02

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.

03

HOW LONG DOES IT TAKE TO GET AN ANSWER?

Same day.

04

HOW LONG DOES IT TAKE FOR THE MONEY TO BE AVAILABLE?

Typically 24 Hours after loan approval

05

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.

06

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.

07

ARE ANY OTHER CHARGES?

No to the Employer. We do 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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More Questions

Why not give us a call right now. We are eager to help Company Owners and Human Resources pre-register with Vecto before any crisis funds are needed by Employees. When trouble does happen, HR is ready, we are ready.

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Ready to get started?

Is your employer company registered with us? Do you wish to apply for a loan? Have you read the whole Services Page?
Download the application forms and rates tables. >>>

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