Look for every part of the cost
Your quote may include interest, an initiation fee, a service fee and credit life insurance. Check whether amounts include VAT where applicable, whether fees are financed, and whether insurance is included in the instalment. Do not count the same fee twice.
Use a simple total
For equal repayments: total repayments = each full repayment × number of repayments + any separate upfront fees. The cost above the money received is that total minus the amount paid to you.
Illustration only: receiving R3 000 and paying R1 100 three times, with no separate fee, means R3 300 repaid and R300 above the amount received. This is an arithmetic example, not a lender’s price.
Monthly cost and total cost answer different questions
The monthly repayment helps you plan cash flow. The total cost tells you how much you pay over the life of the loan. Extending a loan may lower each instalment while increasing what you pay overall.
A legal limit is not a provider quote
Regulated caps and examples help explain lending costs, but they are not personalised offers. Different credit categories have different rules. Ask for the pre-agreement statement and quotation, and read the complete repayment schedule.
Check what happens if plans change
Ask about early settlement, late or missed-payment charges, and what support is available if you cannot pay. Contact the lender before a repayment is missed whenever possible.
Sources
Prepared 5 September 2026. Check provider terms before applying.