Shosholoza Finance Terms and Conditions

Company Details:

Shosholoza Finance Pty Ltd
Address: 35 Van Buuren Road, Bedfordview, Johannesburg, Gauteng, 2007, South Africa
Telephone: 011-459-0391
Email: info@shosholozfinance.co.za
Website: www.shosholozfinance.co.za

Shosholoza Finance Pty Ltd is a registered credit provider with the National Credit Regulator (NCRCP2711) under the National Credit Act, No. 34 of 2005 (“NCA”). We are committed to responsible lending and full compliance with all applicable South African laws, including the NCA, the Consumer Protection Act, No. 68 of 2008 (“CPA”), and the Protection of Personal Information Act, No. 4 of 2013 (“POPIA”).

1. Introduction

These Terms and Conditions (“Terms”) govern your use of all financial products and services provided by Shosholoza Finance Pty Ltd (“we”, “us”, or “our”), including but not limited to personal loans, device credit agreements, mobile data contracts, and any related payroll deduction arrangements. By applying for, accessing, or using any of our services, you (“you” or “the Customer”) agree to be bound by these Terms, as well as any specific credit agreement entered into with us. These Terms should be read in conjunction with your individual credit agreement, pre-agreement statement, and quotation.

If you do not agree with these Terms, you must not apply for or use our services. We recommend that you print or save a copy of these Terms for your records.

2. Regulatory Compliance

We are registered with the National Credit Regulator (NCR) and operate in full compliance with the NCA, CPA, and other relevant legislation.
All credit agreements are subject to affordability assessments as required by Section 81 of the NCA to ensure you can repay without over-indebtedness.
Your rights as a consumer, including the right to fair marketing, clear disclosures, and dispute resolution, are protected under South African law.
We encourage responsible borrowing. Over-indebtedness can lead to financial difficulties—contact the NCR at www.ncr.org.za or the Credit Ombud at www.creditombud.org.za for assistance.

3. Eligibility Criteria

To qualify for our financial products or services, you must:

Be at least 18 years of age.
Be a permanent resident of South Africa with a valid South African ID document, passport, or permit.
Provide valid proof of residential address (not older than three months).
Demonstrate proof of income and affordability through recent payslips, bank statements, or other documentation.
Pass our internal credit checks and any external credit bureau assessments as mandated by the NCA.
For payroll deduction arrangements, be employed by an approved employer (e.g., municipalities or other entities with payroll deduction facilities) and provide employer consent where required.

We reserve the right to decline any application that does not meet these criteria or if it would result in over-indebtedness.

4. Application Process and Requirements

To apply, you must submit:

A valid South African ID document or passport with permit.
Your three most recent payslips.
A three-month bank statement.
Proof of residential address (e.g., utility bill, not older than three months).
Any additional information required for affordability assessments.

Incomplete or inaccurate information may lead to delays or rejection of your application. All applications are subject to verification, and we may request further documentation. Upon approval, you will receive a pre-agreement statement and quotation detailing the total cost of credit, interest rates, fees, and repayment schedule, in compliance with Sections 92 and 93 of the NCA.

5. Credit Agreements and Repayment Terms

General Terms: All credit agreements are regulated under the NCA. Interest rates, initiation fees, service fees, and the total cost of credit will be disclosed transparently in your pre-agreement documents. Rates are variable and may change with notice as per Section 103 of the NCA.
Repayment Period: The minimum initial repayment period is three months, after which repayments continue monthly until the full amount (principal, interest, and fees) is settled.
Payment Methods: Repayments may be made via debit order, electronic funds transfer (EFT), direct deposit, or payroll deduction (where applicable). By entering into an agreement, you consent to your chosen repayment method.
Payroll Deductions: If you opt for payroll deductions (e.g., for loans, devices, or mobile data), you authorize us to instruct your employer to deduct instalments from your gross salary. Deductions will not exceed 25% of your net monthly salary to comply with NCA affordability rules. For multiple agreements, instalments may be combined into a single deduction.
Deductions apply to existing and future agreements, subject to separate affordability assessments and written disclosures.
Variable deductions may occur due to interest rate changes, with at least 10 business days’ written notice.
The authorization continues across pay periods and into subsequent years unless revoked in writing or replaced by a new form. If not renewed by year-end, existing terms persist.
Mobile Data and Device Credit:

Mobile data packages are available on credit with options as follows (subject to change and availability):

Package	Cost per Month	Data (GB)	Voice (Minutes)
R109	2.0	100	10
R169	3.0	150	10
R219	5.0	200	10
R329	7.5	300	10

Select your package during application. Minimum commitment is three months; thereafter, monthly cancellation is possible with notice before the 1st of the month (last deduction on the 25th of that month) or after (last deduction on the 25th of the following month, or your employer’s salary payment date).
Devices financed on credit remain our property until fully paid. Mobile data is subject to network provider terms, fair usage policies, and availability.
Early cancellation may incur penalties as detailed in your agreement.

6. Late Payments and Default

Repayments must be made in full by the due date specified in your agreement.
Late or missed payments may result in penalty fees, additional interest, adverse credit reporting to bureaus, and legal action.
In case of default, we may terminate the agreement, repossess financed devices, and recover collection costs, legal fees, and interest on overdue amounts.
If you face financial difficulties, contact us immediately to discuss options, such as restructuring under the NCA.

7. Early Settlement

You have the right to settle your credit agreement early at any time. Upon request, we will provide a settlement quotation calculated per NCA guidelines, including any early settlement fees where applicable.

8. Customer Responsibilities

Provide accurate, complete, and up-to-date information during application and throughout the agreement term.
Notify us promptly of any changes in employment, contact details, banking information, or financial circumstances.
Use our services responsibly and within the agreed limits.
For payroll deductions, ensure your employer is authorized to process deductions and inform us of any employment changes.

9. Privacy and Data Protection

We collect, process, and store your personal information in compliance with POPIA. Your data (e.g., ID, salary details, contact information) is used solely for:

Processing applications and agreements.
Conducting affordability and credit checks.
Managing repayments and communications.
Legal and regulatory compliance.

We may share your information with credit bureaus, regulators, employers (for payroll deductions), or third-party service providers, but only as required by law or with your consent. We employ bank-level security measures to protect your data. You have the right to access, correct, or object to the processing of your data—contact us for details.

10. Limitation of Liability

We shall not be liable for any indirect, consequential, or special losses arising from:

Misuse of credit facilities or devices.
Network downtime or issues with mobile data services.
Unauthorized use of devices after delivery.
Force majeure events (e.g., natural disasters, strikes).

Our liability is limited to the extent expressly stated in your credit agreement and applicable law.

11. Amendments to Terms

We reserve the right to amend these Terms from time to time. Changes will be posted on our website and notified via email or SMS where possible. Continued use of our services after changes constitutes acceptance. Material changes affecting existing agreements will comply with NCA notice requirements.

12. Dispute Resolution

Any disputes should first be raised with us via our contact details. Unresolved disputes may be referred to the NCR, Credit Ombud, or competent South African courts. These Terms are governed by the laws of the Republic of South Africa, and you consent to the jurisdiction of South African courts.

13. Contact Us

For queries, complaints, settlement requests, or data access:
Shosholoza Finance Pty Ltd
35 Van Buuren Road, Bedfordview, Johannesburg, Gauteng, 2007
Telephone: 011-459-0391
Email: info@shosholozfinance.co.za

Important Notice: Borrow responsibly. Credit is subject to approval and affordability. Over-indebtedness is a serious issue—seek help if needed.