Below are our Terms and Conditions according to National Credit Act guidelines. If you're unsure of any of the terms, please contact our call centre at Protea Loans


 These Terms and Conditions form part of and are to be read together with the voice recorded Pre Agreement Quotation and Loan Agreement, a copy of which is attached hereto, and any reference to "agreement" hereunder will mean the voice recorded Loan Agreement together with these Terms and Conditions.

  1. Introduction:
1.1. PROTEA LOANS (Pty) ltd. is registered with the National Credit Regulator ("NCR") and subscribes to the National Credit Act. 1.2 The granting of the loan is entirely within the discretion of PROTEA LOANS (Pty) ltd. 1.4. Any amendment made to the agreement will only be made legally binding once PROTEA LOANS (Pty) ltd. has notified you in writing or telephonically of such amendment.
  1. Early Settlement:
The Borrower may settle this agreement at any time in terms of section 125 of the National Credit Act, 34 of 2005 [Hereafter referred to as "the Act"] by paying the unpaid balance of the loan amount and unpaid interest charges and all other fees and charges up to the date of Settlement.
  1. Proposed Loan Agreement:
This document serves as a proposed loan agreement and quotation and the Borrower has the right to delay signing this agreement by five (5) days, to consider the proposed loan agreement and if the Borrower elects to enter into this agreement with the Lender, the agreement should be concluded at or below the interest rate and costs initially quoted. The Borrower has the right to enter into this loan agreement at any stage prior to the lapse of the five (5) business day period.
  1. Interest Rate:
The interest rates for small and unsecured micro-loans are calculated in arrears on the outstanding capital at a fixed rate as per Table A of Regulation 42 of the Act. A change to the interest rate of small micro-loans is preceded by a notice by the Minister of Trade Industry in a Government Gazette and a change to the interest rate of unsecured loans is a factor of any change in the repurchase rate from time to time by the South African Reserve Bank. Should a change of interest rate occur as contemplated above that effect this agreement, the Borrower will be given five (5) business days written notice of such change before the change is implemented.
The Maximum Annual Percentage (APR) is 38% 
  1. Settlement of Loan:

The Borrower is hereby notified and agrees that this loan will be settled by making charges against the bank account specified hereunder in terms of section 124(2) of the Act. The details of the charges are set out in the conditions of this loan which is part of this agreement:


Name of Bank Account: Protea Loans (Pty) ltd. Bank: FNB
Account Number: 62677237044 Branch Code: 210314


Deduction Amount: As per clause 1.3 of this agreement. Date(s) of Deductions: On or after the dates specified in clauses 1.5 and 1.6 of this agreement.

  1. Penalty Clause:
In the event of default for whatever reason penalty interest and penalty service fee on repayments in arrears will be charged at the same interest rate and service fee rate set for this agreement. All attorney's or registered debt collectors costs will also be recovered from the Borrower on the attorney and client scale or on the official tariffs applicable to registered debt collectors, as the case may be.
  1. Lender's Right to Terminate Agreement:
The Lender reserves the right in terms of section 123 of the Act to terminate this agreement with the Borrower if the Borrower defaults with any of the agreed repayments in terms of this agreement and proceed with legal proceedings in terms of section 129(1)(b) and section 130(1) of the Act which may result in a Court of Law enforcing the repayment of the Borrower's outstanding obligations in terms of this agreement and the court judgement recorded by credit bureau available to other credit providers.
  1. Document Provided and Available:
A copy of this signed Loan agreement is provided to the Borrower free of charge. A copy of the Act and Regulations is available to the Borrower to peruse the sections of the Act stated in this agreement and others on the premises of the Lender.
  1. Conditions, Rights and Obligations:
The Borrower and Lender agree that their rights and obligations under this agreement are limited to the conditions and clauses of this agreement as well as the conditions and requirements set in the Act.
  1. Account Statements:
The Lender will provide an account statement free of charge to the Borrower at the end of every third month during the term of a loan agreement. Account statements during intermediate months will be provided on request at a cost of R3.50 per page.
  1. Administration Order:
The Borrower declares that he/she is presently not under administration, has no intention of being placed under administration and agrees that he/she will not attempt to be placed under administration prior to discussing his/her financial situation with the Lender. The Borrower consents that in the event of being placed under administration on a date after the approval of this loan, that all payments still due to the Lender after granting of the administration order ["Future Payments"] shall fall within the ambit Section 74A(2) (e)(ii) of the Magistrates Court Act and therefore excluded in terms of Section 74C(2) of the said Act and the Lender shall therefore be entitled to recover all moneys still outstanding of this loan by means of legal action.
  1. Debt Review/Re-arrangement:
The Borrower declares that at the signing of this agreement he/she has not applied for debt review to a debt counselor in terms of section 86(1) of the Act or a competent court in terms of section 86(9) of the Act; and/or is not under debt re-arrangement in terms of section 86(8)(a) or section 87(1)(b)(ii) of the Act.
  1. Dispute Resolution:
The Borrower agrees that in the event of any dispute or uncertainty he/she will discuss the matter with the Lender as a first step to resolve the issue. If the matter is not resolved to his/her satisfaction, the Borrower will submit his/her issue in writing to the Lender and if the dispute is not resolved thereafter to be at liberty to take up the matter with the National Credit Regulatory at toll share number 0860 100 406.
  1. Marketing Option:

When applying for a loan from PROTEA LOANS (Pty) ltd. , you are entitled to request to be excluded from any or all of the following:

16.1. Telemarketing campaigns conducted by or on behalf of PROTEA LOANS (Pty) ltd.

16.2. Marketing or customer lists that are sold or distributed by PROTEA LOANS (Pty) ltd. , other than as required by the Act;

16.3. Any mass distribution of email or sms messages.

  • You will be requested to exercise this right during the loan application process. The three options selected by you will appear on the payment schedule attached to this agreement. You are entitled at any time to contact PROTEA LOANS (Pty) ltd.  and request that the options selected by you be amended.

Declaration and Authorisation by Applicant

 I, the applicant, declare and agree that:

  • the information that I have provided for the application is true and correct;
  • I have not taken up any further credit other than that which already existed and was disclosed by me at the time I applied for this loan from PROTEA LOANS (Pty) ltd.
  • where installments are deducted from my bank account, I may not close the account unless I have informed PROTEA LOANS (Pty) ltd.  of the change and I will make sure that my salary is paid into the indicated account until the whole loan (together with all administrative charges and interest) has been repaid;
  • by accepting this agreement I grant PROTEA LOANS (Pty) ltd.  permission to: • contact anyone to check that the information which I have provided for the application is correct; obtain details from any party about my financial status and banking details, including a credit record and payment history. • give information about this loan to any party, including any credit bureau or National Loans Register; • disclose to a third party my credit record and payment history; • disclose my personal information in the following instances: • where PROTEA LOANS (Pty) ltd.  legally compelled to do so; • where it is in the public interest to disclose; • where disclosure is made at my request or with my written consent; • where PROTEA LOANS (Pty) ltd.  requests me to disclose any of my personal information when I contact PROTEA LOANS (Pty) ltd. telephonically.