Lendplus ZA

LendPlus Product Description:

• Loan amounts: ZAR 500 – ZAR 4,000.

• Loan terms: minimum 61 days, maximum 90 days.

• Maximum APR 36%

• Initiation fee and Service fee shown in the app include VAT (15%).

Fees:

• Initiation fee — charged once, on activation.

Fee depends on Loan amount:

* For loans up to ZAR 1,300: 15% of the loan amount

* For loans from ZAR 1,300 up to ZAR 4,000

The fee is calculated as: ZAR 165 + 10% × (loan amount − ZAR 1,000)

The initiation fee is shown VAT-inclusive, with VAT (15%) on the initiation fee amount charged at the same time.

• Service fee — depends on the number of calendar months covered by the loan.
Charged on activation.
Calculation:

* If loan spans two months:

Service fee = (number of days until the end of the month in current month) × (ZAR 60 ÷ days in disbursement month) + ZAR 60 for the final month.

* If loan spans more than two months:

Service fee = (number of days until the end of the month in current month) × (ZAR 60 ÷ days in disbursement month) + ZAR 60 × number of subsequent months.

The service fee is shown VAT-inclusive, with VAT (15%) on the service fee amount charged at the same time.

Interest

• Interest is calculated at the applicable daily rate and displayed in the pre-agreement calculation.

Interest amount = (loan amount + Initiation fee) × daily interest rate × term


Example:

Loan amount (Disbursement): ZAR 3,000.00

Term: 89 days (Disbursement date 15 Sep → Maturity date 12 Dec)

Daily rate: 0.08% = 0.0008

Interest = (3,000 + 365) × 0.0008 × 89 ≈ ZAR 240.30 (The calculation amount has been rounded)

Initiation fee = 165 + 0.10 × (3,000 − 1,000) = ZAR 365.00

Service fee = 15 × (60 ÷ 30) + 180 = 15×2 + 180 = ZAR 210.00

VAT (15%) on Initiation fee: 365.00 × 0.15 = ZAR 54.75

VAT (15%) on Service fee: 210.00 × 0.15 = ZAR 31.50

Total VAT = ZAR 86,25

Final calculation:
Principal 3,000.00 + Interest 240.30 + Initiation 365.00 + Service 210.00 + VAT 86.25 = ZAR 3,901.55

Total repayable (VAT on top): ZAR 3,901.55