Fynbos Finance Terms of Service
1. Introduction
Welcome to Fynbos Finance (Pty) Ltd (“Fynbos Finance”). We are a registered credit provider in accordance with the provisions of the National Credit Act, 34 of 2005 ("the Act"), and we offer a range of credit products and services to eligible consumers. These Terms of Service govern your use of our credit services. By accessing or using our services, you agree to comply with and be bound by the following terms and conditions. Please read these terms carefully before using our credit services.
2. Scope of Services
Fynbos Finance is a registered credit provider in South Africa, operating in accordance with the National Credit Act, 34 of 2005 ("the Act") and other relevant regulations. Our primary focus is to provide responsible and transparent credit services to eligible consumers. The scope of our services includes:
2.1 Credit Products
We offer a range of credit products designed to meet the diverse financial needs of our customers. These products include both personal loans and business to business loans. Each credit product is structured in compliance with the Act's provisions and is subject to thorough assessment and approval procedures.
2.2 Eligibility Criteria
To access our credit services, you must meet the eligibility criteria established by the Act and our internal credit policy. These criteria consider factors such as creditworthiness, affordability, and compliance with legal requirements. Our internal assessment process is designed to ensure that credit is extended responsibly and in a manner consistent with the Act's objectives.
2.3 Responsible Lending
We are committed to responsible lending practices that prioritize the financial well-being of our customers. This approach aligns with the Act's emphasis on preventing reckless lending and over-indebtedness.
2.4 Credit Assessment
When you apply for credit, our credit assessment process considers various factors, including your income, expenses, credit history, and other relevant financial information. This assessment enables us to determine the appropriate credit product and terms that suit your individual circumstances.
2.5 Transparent Terms
Before entering into any credit agreement, we provide you with clear and comprehensible information about the terms and conditions associated with the credit product. This includes details about interest rates, fees, repayment schedules, and any other relevant charges. Our goal is to ensure that you have a complete understanding of your obligations as a borrower.
2.6 Compliance with Regulations
Our credit services are provided in strict compliance with the National Credit Act and any other relevant regulations. We are dedicated to upholding the principles of the Act, which include promoting fair and ethical lending practices, protecting consumers' rights, and preventing unfair credit agreements.
2.7 Continuous Improvement
As a registered credit provider, we are committed to continuous improvement in our services. We regularly review our processes and procedures to ensure that they align with the evolving regulatory landscape and best practices in the credit industry. Our aim is to provide you with a seamless and positive experience when using our credit services.
2.8 Consumer Education
We recognize the importance of consumer education in making informed financial decisions. As part of our commitment to transparency, we provide educational resources that empower you to understand credit agreements, manage your finances responsibly, and exercise your rights as a borrower under the Act.
3. Eligibility
Before accessing and using our credit services, it's important to understand the eligibility criteria that must be met in order to apply for and utilize our credit products. The National Credit Act and our internal policies govern these criteria to ensure responsible lending practices. By using our credit service, you acknowledge and agree to meet the following eligibility requirements:
3.1 Age Requirement
If you are a natural person, in order to apply for credit with, you must be at least 18 years of age. This requirement is in accordance with the legal capacity to enter into financial agreements as defined by the National Credit Act.
3.2 Identification and Verification
You must provide accurate and verifiable identification information as part of the application process. This includes providing a valid South African identity document, passport, or other legally recognized identification documents. We conduct thorough verification processes to ensure the accuracy of the information provided.
If you are applying for a loan on behalf of a juristic person, we will require the necessary supporting documentation in respect of the juristic person in order to complete your application process.
3.3 Legal Capacity
You must have the legal capacity to enter into a credit agreement. This means that you must not be placed under administration, sequestration, or any form of debt review that limits your ability to take on additional credit obligations.
3.4 Affordability Assessment
As a responsible credit provider, we conduct affordability assessments to ensure that you have the financial capacity to repay the credit you apply for. This assessment considers your income, expenses, existing credit commitments, and other relevant financial information. This affordability assessment will be conducted in accordance with the requirements of the National Credit Act.
3.5 Compliance with Legal Requirements
By using our credit services, you confirm that you will comply with all legal requirements associated with credit agreements, including providing accurate and truthful information during the application process and throughout the duration of the credit agreement.
3.6 Changes to Eligibility Criteria
We reserve the right to update or modify our eligibility criteria as required by changes in regulations or industry practices. Any changes will be communicated through appropriate channels and will be applicable to new applications.
3.7 Right to Decline Applications
While we strive to provide credit to eligible applicants, we retain the right to decline credit applications based on our assessment of eligibility criteria and adherence to the National Credit Act.
4. Application and Approval Process
We understand that applying for credit is a significant financial decision and can be a daunting decision. We've designed a transparent and thorough application and approval process to ensure that you have a clear understanding of the steps involved and the criteria considered. Here's how our application and approval process works:
4.1 Application Submission
When you decide to apply for credit with Fynbos, you will be guided through our application process. This process may be conducted online through our secure platform or through other designated channels. You will be required to provide accurate and up-to-date information as part of the application.
4.2 Information Collection
During the application process, we will collect various pieces of information to assess your eligibility for credit. This information includes personal details, financial information, employment history, identification documents, and other relevant information required for credit assessment.
4.3 Credit Assessment
After you submit your application, our credit assessment team will evaluate the information provided. The assessment process includes a thorough review of your financial status, credit history, affordability, and adherence to legal requirements. Our goal is to ensure that the credit product you apply for is suitable for your financial circumstances. Part of our assessment involves doing a credit check with your approval. This credit check is done through a Credit Bureau check. Please see further terms on this below:
4.3.1 Credit Bureau Check
A credit bureau check involves accessing your credit history and credit score from recognized credit bureaus. This information helps us assess your creditworthiness, financial behaviour, and credit obligations. The credit bureau check provides insights into your credit management practices, including your payment history, outstanding credit balances, and any adverse information that may affect your credit profile.
4.3.2 Impact on Application
The credit bureau check forms a crucial part of our credit assessment process. It assists us in determining your credit risk and whether your financial profile aligns with our responsible lending practices. However, it's important to note that the credit bureau check is just one aspect of our assessment, and we consider various other factors, such as your affordability and the specific credit product you are applying for.
4.3.3 Privacy and Consent
We respect your privacy and adhere to strict data protection standards. Before conducting a credit bureau check, we ensure that we have your explicit consent to access your credit information. This consent is typically obtained during the application process when you agree to our Terms of Service and provide the necessary authorization.
4.3.4 Positive Reporting
As a responsible credit provider, we also contribute to positive credit reporting. This means that timely and responsible repayment of the credit you obtain from Fynbos Finance can have a positive impact on your credit profile. It reflects your commitment to managing credit responsibly and can be beneficial for your financial future.
4.3.5 Discretion and Confidentiality
The information obtained from the credit bureau check is treated with the utmost confidentiality. It is used solely for the purpose of assessing your credit application and ensuring that the credit product aligns with your financial capacity.
4.3.6 Transparency
We believe in transparency throughout the credit assessment process. If any adverse information from the credit bureau check affects our decision, we will provide you with the necessary information and, if required, guidance on steps to improve your creditworthiness.
4.4 Affordability Check
Part of the credit assessment involves conducting an affordability check. This assessment evaluates your ability to comfortably meet the repayment obligations associated with the credit product you're applying for. It considers your income, expenses, and existing credit commitments.
4.5 Creditworthiness Evaluation
We evaluate your creditworthiness based on the information collected during the application process. This evaluation helps us determine the level of risk associated with granting credit to you and whether it aligns with our responsible lending practices.
4.6 Decision and Communication
Once the credit assessment is complete, we will communicate our decision regarding your credit application. If your application is approved, we will provide you with the terms and conditions of the credit agreement, including interest rates, fees, repayment schedules, and any other relevant details.
4.7 Acceptance of Terms
If you agree with the terms and conditions presented, you will be required to provide formal acceptance. This may involve signing physical or electronic documents to indicate your commitment to the credit agreement.
4.8 Funding and Utilization
Upon acceptance of the terms, we will proceed with disbursing the approved credit amount to you, subject to any conditions outlined in the credit agreement. You can then use the funds for the intended purpose as agreed upon.
4.9 Confidentiality and Security
We take the security and confidentiality of your information seriously. Our application and approval process is designed to protect your personal and financial data, and we implement stringent security measures to safeguard your information.
5. Credit Agreements
Once approved for a credit agreement with Fynbos Finance, you can expect the following:
5.1 Customized Terms
When you are approved for credit, you will receive a credit agreement outlining the specific terms of the credit product. These terms are tailored to your individual financial circumstances, ensuring that the credit you receive is appropriate for your needs and repayment capacity.
5.2 Interest Rates and Fees
The credit agreement will clearly state the applicable interest rate, fees, and charges associated with the credit product. This information is provided to you in a transparent manner, enabling you to fully understand the financial implications of the credit agreement.
5.3 Total Cost of Credit
We are committed to providing you with the total cost of credit in compliance with the National Credit Act. The credit agreement will clearly outline the total amount repayable over the term of the credit agreement, including the principal amount, interest, fees, and charges.
5.4 Repayment Schedule
Your credit agreement will detail the repayment schedule, specifying the frequency and amount of repayments. It's essential to adhere to this schedule to fulfil your obligations as outlined in the credit agreement.
5.5 Early Settlement
You have the right to settle the credit agreement early in accordance with the National Credit Act. The credit agreement will provide information on the process and any applicable fees associated with early settlement.
5.6 Right to Cancel
You have the right to cancel the credit agreement within the stipulated cooling-off period as prescribed by the National Credit Act. The credit agreement will outline the steps and procedures for cancelling the agreement during this period.
5.7 Duration of Agreement
The credit agreement will specify the duration of the agreement, which is the period during which the credit must be repaid. This duration is determined based on the terms of the credit product and the repayment schedule.
5.8 Variation of Terms
We understand that circumstances may change. If you encounter challenges that affect your ability to meet the agreed-upon terms, please contact us as soon as possible. We may be able to assist you in exploring potential options, such as restructuring the credit agreement, in accordance with relevant regulations.
5.9 Compliance with Regulations
All credit agreements provided are compliant with the National Credit Act and other relevant regulations. We ensure that the terms and conditions of the credit agreement adhere to the principles of transparency, fairness, and responsible lending.
5.10 Understanding Your Obligations
Before signing the credit agreement, it's essential to fully understand your obligations as a borrower. We encourage you to carefully review the terms, ask questions if needed, and seek professional advice before proceeding.
6. Repayment and Default
Our stipulated and mandated behaviour in terms of repayment and default have been outlined below:
6.1 Timely Repayments
Timely repayments are essential to maintaining a positive credit history and fulfilling your obligations as a borrower. The repayment schedule outlined in your credit agreement specifies the due dates and amounts of repayments. It's crucial to ensure that payments are made on or before the due dates to avoid adverse consequences.
6.2 Payment Methods
We offer various payment methods to facilitate your repayments, such as direct debits, electronic funds transfers, and other approved methods. Ensure that you use the designated payment methods and include the necessary references to ensure accurate allocation of payments.
6.3 Consequences of Late Payments
Failure to make repayments on time may result in late payment fees or charges as specified in your credit agreement. Additionally, late payments can negatively impact your credit profile, affecting your ability to obtain credit in the future.
6.4 Default and Legal Consequences
A default occurs when you consistently fail to meet your repayment obligations as outlined in your credit agreement. In such cases, we may take legal action to recover the outstanding amounts in accordance with the National Credit Act and relevant regulations. Defaulting on credit agreements can have serious consequences, including potential legal action, adverse credit reporting, and additional costs.
6.5 Financial Hardship
We understand that unforeseen circumstances may arise, making it difficult to meet your repayment obligations. If you experience financial hardship, it's important to contact us as soon as possible. We are committed to working with you to explore potential solutions, such as temporary payment arrangements, in accordance with relevant regulations.
6.6 Communicating Difficulties
If you anticipate difficulty in meeting your repayment obligations, we encourage you to communicate with us proactively. Open communication allows us to understand your situation and potentially assist you in finding a solution that aligns with responsible lending practices.
6.7 Avoiding Over-Indebtedness
Responsible borrowing involves assessing your ability to take on additional credit without experiencing financial strain. Avoid taking on more credit than you can reasonably afford, as this could lead to over-indebtedness and financial instability.
6.8 Repayment History and Credit
Positive repayment behaviour contributes to a favourable credit history. Timely and responsible repayments demonstrate your commitment to credit management. On the other hand, consistent default or late payments can negatively impact your credit profile and limit your access to credit in the future.
You are responsible for repaying the credit according to the agreed-upon schedule and terms.
Failure to make timely payments may result in default and legal action in accordance with the National Credit Act.
7. Early Settlement and Cancellation
You have the right to settle the credit agreement early in accordance with the National Credit Act. Should you be in such a position and wish to do this, please contact us using the Contact information on our website and we will assist accordingly.
Early settlement may be subject to additional fees as specified in the credit agreement and will be charged in accordance with the appropriate rules and regulations of the National Credit Act.
8. Privacy and Data Protection
We collect and process your personal and financial information in compliance with data protection laws. We understand that this is your personal confidential information and take the safety of your personal information incredibly seriously.
Your information is used for credit assessment, identity verification, and compliance with legal obligations. Your information will not be used for any other purpose other than that what has been stipulated previously.
9. Consumer Rights and Complaints
You have rights as a consumer under the National Credit Act, including the right to access credit information.
If you have complaints or disputes, please feel free to contact our support team using the contact details on our website. Our process complaints resolution process is as follows:
- Acknowledgement of complaint from customer;
- Our complaints team will investigate the complaint considering all information and documentation available;
- We will work to find a reasonable resolution to your complaint;
- Will communicate the outcome of your complaint to you.
Should you not be satisfied that your complaint has been fairly heard by our team, you then have the right to escalate the complaint to the National Credit Regulator (NCR). The NCR is the regulatory body that oversees credit providers and ensures compliance with the National Credit Act. Information on the complaints process can be found on the NCR website.
10. Termination and Default
We reserve the right to terminate the credit agreement if you breach its terms or violate the National Credit Act. This includes the terms outlined in this terms of service document as well as the terms of the loan agreement you have entered into.
In case of default, we may take legal action to recover outstanding amounts in accordance with the National Credit Act.
11. Amendments to Terms
We may update or modify these Terms of Service from time to time to reflect changes in regulations or our operations. These amendments, if necessary, will be done in accordance with the rules of the National Credit Act and will be communicated to our clients accordingly.
Changes will be effective upon posting on our website, and continued use of our services implies acceptance of the modified terms.
12. Limitation of Liability
We are not liable for any losses or damages resulting from the use of our credit services, except to the extent required by law.
Our liability is subject to the terms and conditions of the National Credit Act and other applicable regulations.
13. Governing Law and Jurisdiction
These Terms of Service are governed by the laws of South Africa.
Any disputes arising from or related to these terms will be subject to the jurisdiction of South African courts.
14. Contact Us
If you have any questions about these Terms of Service or our credit services, please contact us at apply@fynbosfinance.co.za.