Terms & Conditions

Last updated: April 2026

1. Definitions

"SLS" refers to Smat Loan Solutions (Pty) Ltd, NCR Registered: NCRCP18768. "Client" refers to the individual applying for or granted a loan. "Loan" refers to the short-term credit advanced to the Client.

2. Loan Terms

SLS offers short-term payday loans of up to R5,000. The standard repayment term is 1 month unless otherwise agreed upon. All loans are subject to affordability assessment and approval by SLS.

3. Interest & Fees

A flat interest rate of 30% applies to all loans. No hidden fees apply. The total repayment amount is the loan principal plus 30% interest. An initiation fee and monthly service fee may apply as disclosed in the pre-agreement quotation.

4. Repayment Obligations

The Client agrees to repay the full loan amount plus interest on the agreed debit date via debit order. The Client must ensure sufficient funds are available in the nominated bank account on the debit date.

5. Default Consequences

If the Client fails to make payment on the due date: • A penalty interest rate of 30% will apply to the overdue amount. • SLS will initiate the collections process. • The Client's account may be flagged and reported. • Legal action may be taken in terms of the National Credit Act.

6. Early Settlement

Clients may settle their loan early at any time without penalty. The settlement amount includes the outstanding capital plus accrued interest and fees.

7. Cooling-Off Period

In terms of the National Credit Act, the Client has a 5-day cooling-off period from the date of signing to cancel the agreement without penalty.

8. Dispute Resolution

Any disputes arising from this agreement shall first be resolved through negotiation. If unresolved, the matter may be referred to the National Credit Regulator or appropriate legal channels.

9. Governing Law

This agreement is governed by the laws of the Republic of South Africa, specifically the National Credit Act 34 of 2005.