Cost of Credit disclosure
Leap only offers short-term credit as defined in the National Credit Act. Our system hard-caps every quote to the maximum charges below — it is not possible to price above them.
Interest
5% per month
Maximum for short-term credit
Initiation fee
Greater of R 165 or 15%
Of the first R10 000 of the principal debt
Service fee
R 70 per month
Charged monthly for the term
| Amount | Term | Interest | Initiation | Service fees | Total repayable | Instalment |
|---|---|---|---|---|---|---|
| R 500 | 1 month | R 25,00 | R 165,00 | R 70,00 | R 760,00 | R 760,00 |
| R 1 000 | 2 months | R 100,00 | R 165,00 | R 140,00 | R 1 405,00 | R 702,50 |
| R 2 000 | 3 months | R 300,00 | R 300,00 | R 210,00 | R 2 810,00 | R 936,67 |
| R 4 000 | 4 months | R 800,00 | R 600,00 | R 280,00 | R 5 680,00 | R 1 420,00 |
| R 8 000 | 6 months | R 2 400,00 | R 1 200,00 | R 420,00 | R 12 020,00 | R 2 003,33 |
Credit life insurance is not included in these examples. Where required, the premium is disclosed separately in your pre-agreement quote and may not exceed the prescribed limit.
Early settlement is permitted at any time without penalty; interest and service fees are charged only to the settlement date.
Missed payments may attract default administration charges and collection costs limited to the amounts allowed by the NCA, and will be reported to registered credit bureaux.
Prototype note: figures are generated by the same capped calculator used in the application flow, so the disclosure and the quote can never disagree.