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Terms and Conditions

Loan Buddy Terms and Conditions of Use

  1. Introduction

These Terms and Conditions govern the use of the Loan Buddy website and the services we offer. By using our website, you agree to be bound by these Terms, so please read them carefully. If you do not agree to any of these Terms, please refrain from using the website.

  1. Definitions
  • Loan Buddy: Refers to Loan Buddy Financial Services (Pty) Ltd, a registered credit provider in the Republic of South Africa (NCRCP Number: 6726).
  • User: Refers to any person accessing and using this website.
  • Website: Refers to the Loan Buddy website, including all its pages, services, and content.
  1. Acceptance of Terms

By accessing our website, you confirm that you understand and agree to the Terms outlined here. Loan Buddy may revise these Terms from time to time, and any updates will be posted on the website. By continuing to use the website, you agree to the updated Terms.

  1. Services Offered

Loan Buddy provides short-term loans, subject to the terms of a loan agreement between you (the User) and Loan Buddy. The use of this website does not constitute an agreement to lend but is an invitation for you to apply for credit. Loan Buddy reserves the right to reject any loan application at its sole discretion.

  1. Loan Applications and Credit Checks

By submitting a loan application, you consent to Loan Buddy conducting a credit check with registered credit bureaus (such as XDS or Experian) to assess your creditworthiness. This is done in compliance with the National Credit Act (NCA) and ensures responsible lending.

  1. Privacy, Data Collection, and POPIA Compliance

Loan Buddy is committed to protecting your personal information in accordance with the Protection of Personal Information Act (POPIA).

  • Data Collection: By using the Loan Buddy website and applying for a loan, you consent to the collection and processing of your personal data, including your name, ID number, employment details, income, expenses, and bank account information. This information is required to assess your loan application and conduct credit checks.
  • Data Usage: Your personal information will only be used for the purposes of processing your loan application, conducting credit checks, and for communication regarding your loan. Loan Buddy will not share your personal information with third parties, except for those involved in the credit check process or as required by law.
  • Data Security: Loan Buddy takes all reasonable precautions to safeguard your personal data. We use secure databases and encryption to protect your information from unauthorized access.
  • Your Rights: Under POPIA, you have the right to request access to your personal information, correct any inaccuracies, or request the deletion of your data (where legally permissible). To exercise these rights, please contact us at support@loanbuddy.co.za.
  1. Loan Repayment

Loan repayment terms will be outlined in your loan agreement. Failure to repay your loan on time may result in additional charges or interest. Loan Buddy will attempt to collect the repayment on the agreed date from your bank account. If unsuccessful, we may contact you to arrange alternative repayment options.

  1. Fees and Charges

Loan Buddy is committed to transparency.  All loan amounts are subjected to an initiation fee, service fee, interest and credit life insurance, this is called the cost of credit.  The loan calculator calculates the estimated cost of credit based on a full calendar month(s) and utilising 5% interest per month.  You will be shown all applicable fees and charges, interest rate, and repayment terms before you enter into the loan agreement. There are no hidden fees, and you will not be charged for early repayments.

  1. User Obligations

As a User of the website, you agree to:

  • Provide accurate and truthful information.
  • Use the website and services in accordance with applicable laws.
  • Not engage in any unlawful or fraudulent activities.

Loan Buddy reserves the right to take legal action if these obligations are breached.

  1. Intellectual Property

All content, logos, trademarks, and intellectual property on the Loan Buddy website are the property of Loan Buddy. You may not use or reproduce any material from the website without our prior written consent.

  1. Limitation of Liability

Loan Buddy is not liable for any loss or damage that may arise from your use of the website, including any reliance on the information provided, errors in content, or technical issues. The website and services are provided “as is” without any warranty.

  1. Governing Law

These Terms are governed by the laws of South Africa. Any disputes arising from the use of the website or services will be subject to the jurisdiction of the South African courts.

  1. Contact Information

For any questions or concerns about these Terms, or to get in touch with us, please contact: