FAQ

Express Finance is all about providing you with a short term cash loan into your bank account for those unexpected expenses that hampers your cash flow. The maximum term for the payday loan is one month and you can select on the slider how much you need and for how long. There are 3 option buttons above the slider. This affects how the slider pricing works and are as follow. First time user, Normal user and Government employee.

First time user is for consumers using the site for the very first time and this option will provide the consumer with 40% off on the Initiation and service fee.

Normal user is for 2nd and 3rd loans for all consumers except government employees and this option charges the standard NCR Rates

Government Employee is meant for the following consumers. Government, State, Semi-State owned companies. Examples are: SANDF, SAPS, KZN Health, Education, Ethekwini Municipality, and Transnet.

If you are unsure about if your company falls under this category, select it and we will inform you if it does or not.

We are the only Credit Provider to give 40% discount on Initiation fee and service fee for your first loan and the only Provider with a special discount rate to Government, State and semi-state owned companies. We will build a list of Institutions and companies that fall under this Category, and in certain circumstances companies might be added to the list at our discretion. Just use the option buttons on the main page to see the discounts.

It’s very simple. Select your requirements on the sliders and click on apply. If you do not have an account yet, click on “Create an Account”. If you already have an account, just log into your account and follow the onscreen prompts. The user requirements must be checked and complied to. Please note that if you do not meet these requirements, you may not proceed with the application. Please do not provide false information as we will pick it up in a credit check or employment confirmation. On first application all your information is required and an affordability is also completed. On further applications this information is provided for you to review and you do not have to enter it again. Your credit agreement is displayed to you and you can even download it under “My Account”. Finally submit the application and you will receive confirmation via E-mail.

The application will now be checked. A credit check will be done and if required we might need supporting documents like a pay slip, copy of ID and a bank statement. Once we have this, the application will either be approved or declined and you will yet again be notified via E-mail of the outcome.

Credit Agreement and Debit Order Mandate is signed digitally and is available to both parties at any time. Your IP Address is also captured on the document.

The Sliders on the Site go up to a maximum of R8000 for users to borrow. First time clients will only be able to borrow up to a maximum of R3000. If you are an existing customer your credit limit on our systems could be increased up to R8000, depending on your Net Salary and Affordability. Funds can only be borrowed for one month. The site only allows for up to 34 Days except in December due to early salaries where the pay date will jump to January.

We are able to Debit the following Banks

• Standard Bank
• FNB
• Absa
• Nedbank
• Capitec
• Bidvest Bank
• African Bank

Tyme bank currently only has limited debi-check functionality, so we cannot debit Tyme Bank at present.

Your Loan is calculated on your Loan amount and consists of Interest and fees as set out by the National Credit Regulator

Fees are as follows:

Service fee – R60 per month plus VAT (Calculated Pro-Rata for the month)
Initiation fee – Loans under R1200 is 15% fee plus VAT

Loans above R1200 is R165 plus 10% for any capital above R1000 plus VAT

Interest Rate – 3% of the Capital

For First Time users this Formula have been reduced to provide the consumer with a Discount

As soon as the Debicheck mandate is approved, we usually process the loans at the earliest possible chance we get. For FNB consumers it is immediate. For other Banks it could be that evening or midnight the following day.

Unfortunately Not

Yes this is possible if both loans are not greater than your current account limit. If further loans will exceed the account limit, we will assess your affordability when you are fully paid to see if we can increase your account limit

We take all the necessary measure to protect your personal information. Your Session with our Website is SSL Encrypted so that no unauthorized person can view your information. The Site is updated regularly to avoid security flaws. We have a Strict Privacy Policy and it can be read on the website. Your information will never be given to a third Party. Please see our Privacy policy if you have any concerns.

We are not unreasonable and understand that Retrenchments and layoffs can take place. Speak to your consultant to come to an arrangement.

If you simply cannot pay back the loan, please contact your consultant to see if an arrangement can be made. If you do not pay back the loan and do not communicate with us, we unfortunately will have to send you a Section 129 Letter of Demand whereby you will have 10 Days to comply before we institute Legal action to recover the funds. This will negatively impact your Credit Rating.

Express Finance is a registered Credit Provider with the National Credit Regulator.

It depends why your loan was declined. We require 12 months permanent employment, so if you do not comply with a requirement you have to wait until you comply. If it is declined purely on affordability you can apply again when your situation has improved. We have to assume that an over-indebted consumer’s situation will not improve in a couple of months time, so we might only re-consider doing another NLR credit check after an extended period as there are costs involved for us. An over-indebted Consumer’s situation is noted on the system and when you apply frequently we might decline the loan immediately without running a credit check or without sending you an E-mail notifying you why it was declined again. If you abuse the platform by re-applying monthly or very often after being declined, your account could be blocked from further applications in the future

Your Loan is debited from your bank account on the given salary date and can sometimes be tracked on the account until it is settled just in case your salary is a little late.

You may apply again the very same day that the Debit Order runs on your bank account.

Yes we do. We comply with all Legislative requirements in terms of the National Credit Act. Our Entire process and fees are Transparent. You only pay the fees that are indicated to you. The credit agreement is easy to read and understand. Credit Bureau enquiries are performed with your consent. An Affordability calculation is done by the information that you provide us.

Compuscan
(021) 888-6000 | Fax (021) 413-2424
TransUnion
(0861) 482 482
Experian
(0861) 10 56 65

Above are the details for the Credit Bureau, only you can contact them if you want to dispute something about your credit profile which is incorrect.

The NCA brought about remedies for consumers who are experiencing stressful financial times. Consumers who are over-indebted can approach a debt counsellor and apply for debt review.

This effectively means that your debt obligations under credit agreements are managed and administered by the debt counsellor who negotiates with your creditors on your behalf and makes monthly distributions to your creditors to ensure that they do not start suing you for the debt you owe.

Administration is the same type of remedy, but also includes other types of debt and is limited to R50000 only. When you are under administration or under debt review you are prohibited by law to incur any further debt.

We are a responsible lender and will also not even consider giving you a loan if you are already debt stressed. If you are in fact debt stressed we suggest you seek counselling and approach a debt counsellor to assist you.

Unfortunately Not.

The Minimum Net Salary after deductions required to qualify for a loan is R10000. We have increased this threshold from R7000 to R10000 due to Inflation and the fact that we do not want to over-in debt lower income households