1. Acceptance of Terms

By applying for a payday microlending loan from Songiwe Finance, you agree to comply with and be bound by these Terms and Conditions. If you do not agree, please refrain from applying for a loan.

2. Scope of Services

We provide payday microlending services, including short-term loans to individuals in South Africa. The specific loan terms, including amounts, interest rates, and repayment periods, will be outlined in your loan agreement.

3. Eligibility Criteria

To qualify for a loan, you must:

• Be at least 18 years old.
• Be a South African citizen or permanent resident.
• Have a valid South African ID.
• Provide proof of income.

4. Fees and Interest Rates

All applicable fees and interest rates will be disclosed in your loan agreement. Interest rates are calculated on a monthly basis and are subject to the National Credit Act regulations. Late payment fees may apply if payments are not made by the due date.

5. Client Responsibilities

Clients agree to provide accurate and complete information during the application process and to notify Songiwe Finance of any changes in personal or financial circumstances.

6. Loan Disbursement

Loans will be disbursed to the client’s nominated bank account upon approval of the application, subject to verification of the provided information.

7. Repayment Terms

Repayment schedules will be outlined in the loan agreement. Clients are responsible for ensuring that payments are made on time to avoid penalties.

8. Confidentiality

All client information will be treated as confidential and will be handled in accordance with our Privacy Policy. We will not disclose your information to third parties without your consent, except as required by law.

9. Limitation of Liability

Songiwe Finance shall not be liable for any indirect, incidental, or consequential damages arising from the use of our services. Our total liability is limited to the amount of the loan provided.

10. Termination Clause

Either party may terminate the loan agreement with written notice under the conditions specified in the agreement. All outstanding amounts must be settled upon termination.

11. Dispute Resolution

Any disputes arising from these terms will be resolved through mediation. If mediation fails, disputes will be referred to arbitration in accordance with South African law.

12. Governing Law

These Terms and Conditions shall be governed by and construed in accordance with the laws of South Africa.

13. Amendments to Terms

We reserve the right to amend these Terms and Conditions. Clients will be notified of any changes, and continued use of our services constitutes acceptance of the new terms.

14. Force Majeure

Songiwe Finance shall not be held liable for any failure to perform its obligations due to circumstances beyond our control, including natural disasters, acts of government, or other unforeseen events