Company Terms & Conditions

LOAN TERMS & CONDITIONS

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1. Definitions:

In these terms and conditions, the following words will have the following meanings, unless the context clearly indicates another meaning:

1.1 “Account” means the credit account created by us in respect of the loan that you obtained from us whereby we record all transactions processed against your loan;

1.2. “Act” means the National Credit Act, No. 34 of 2005, together with its regulations, as amended from time to time;

1.3. “Agreement” means the terms and conditions contained in this document, read with the pre-agreement and the application form completed by you, and any changes thereto;

1.4. “Consumer Protection Act” means the Consumer Protection Act, No. 68 of 2008, together with its regulations, as amended from time to time;

1.5. “Debit order” means (at our choice) a standard debit order or an early debit order whereby we instruct your bank to deduct an amount from your bank account and to pay that amount directly over to us on your behalf. The amount deducted may vary every month depending on your monthly installment and may include any other amounts that may be due to us, from time to time, but will never exceed what is due and payable;

1.6. Charging Upfront “Initiation fee”: means a fee will be charged upfront by Union Cash Loans (PTY) to you to finalize a loan depending on the amount of Loan you are applying for. The initiation fee is the amount of your first installment payable amount. This is one of the major aspects of taking a loan at Union Cash Loans (PTY) as this fee is paid immediately after your application is approved so we can proceed to credit your nominated bank account with an approved loan amount;

1.7. “Major sanctioned country” means any one of the following listed countries: Crimea, Cuba, Iran, North Korea, Sudan and Syria, United States, United Kingdom. This list may change from time to time;

1.8. “Personal information” means any information that we receive about you, including but not limited to your name, identity number, contact information, employment and financial information;

1.9. “Reference rate” means the rate used by us to determine the interest charged by us to you for use of the loan; and

1.10. “Service fee” means a fee charged by us to you for the administration of your account.

2. Our contact details

2.1 CMM Micro Loans (PTY) Proprietary Limited (Registration Number: 2022/864948/07) is a registered credit provider and authorised financial services provider, of Louis Trichardt, Johannesburg South Africa (hereinafter referred to as “us”, “we”, “our”).

2.2 Our contact details are:

2.2.1 Support Line: 27780432529 | 27633033126

2.2.2 E-mail: [email protected]

2.2.3 Postal address: P.O. Box 0920 Krogh Straat Louis Trichardt

2.2.4 Website address: www.ccmmicroloansltd.online

3. Application

3.1. By completing and submitting an application, you:

3.1.1 are applying to us for a loan. This agreement, read together with our self-service portal terms and website terms of use, where applicable, contains the terms and conditions upon which we are willing to provide such a loan to you; and

3.1.2 confirm that you have read and understand these terms and conditions, the meaning and consequences of this agreement; and

3.1.3 confirm that you are the person whose details you have given to us as the applicant in the application form.

3.2 All information that you provide us with must be truthful, complete, accurate and correct. You must immediately notify us if any of your information changes. If your application is not complete or if you don’t provide us with any required documentation, we may contact you to obtain the required information or documentation; or we may approve or reject your application.

3.3 At the time of you applying to us for a loan or, should your application be successful, at any time during the existence of this agreement, you must immediately notify us if:

3.3.1 you have a direct or indirect link(s) to a major sanctioned country (for example, you currently reside in Cuba or you conduct business in Iran); or

3.3.2 you are or become a citizen, resident or national of the United States of America; or

3.3.3 you relocate to any place outside of the Republic of South Africa.

3.4 Should any of the events in clause 3.3.1 to 3.3.3 apply to you, we have the right to not enter into this agreement with you, or if your application was already approved at the time that we come to learn of such events, we have the right to immediately terminate this agreement on notice to you. Our rights in terms of this clause shall apply irrespective of whether you notified us in terms of clause 3.3 above or whether we established independently that the clause(s) applies to you.

3.5 Should the major sanctioned country list be updated by us, your obligations in terms of clause 3.3.1 above and our rights in terms of clause 3.4 will apply to such updated list.

3.6 Your application for a loan is subject to our credit approval criteria and to the conditions for granting credit as set out in the Act. We are, however, not obliged to grant your application.

3.7 You consent to us obtaining any information or documentation directly from your employer, bank, credit bureau or any other source for the purposes of assessing your application.

3.8 If your application is successful, we will provide you with a pre-agreement, as well as the terms and conditions. The pre-agreement will set out the loan amount, your interest rate and it will show you how much interest and fees you will pay over the loan period.

3.9 Subject to the provisions of the Act, we may from time to time change the terms of this agreement. If we do, we will notify you hereof and upload the new terms onto our website. If you do not agree with the new terms, you must immediately let us know so that we may close your account (you will remain liable for the outstanding balance on your account). Any other changes made to this agreement must either be recorded by us telephonically and thereafter confirmed by us in writing or must be agreed to in writing in order to be valid and binding. If we change the terms of this agreement, it does not mean that a new agreement will automatically come into place.

4. Advance of loan amount

4.1 If your application is approved, the loan amount for which you qualify and as requested by you will be paid to you as soon as possible through International electronic fund transfer which will be converted to South African Rand. Under no circumstances will a cash payment be made.

4.2 In the event of an in-store loan application that is expressly linked to the purchase by you of a specific product available in-store, you agree that we will subtract the purchase price from the approved loan amount and pay this over directly to the retailer on your behalf. The balance of the approved loan amount, if any, will be paid directly to you into your nominated bank account.

4.3 In the event of a loan application that is not expressly linked to the purchase by you of a specific product, the full loan amount will be paid directly to you into your nominated bank account.

5. Insurance

For your protection Customer Protection Insurance (CPI) is offered where: You have an approved loan with Union Cash Loans (PTY) Services and You have a balance owing in terms of Your loan agreement with Union Cash Loans . The CPI offered by us is underwritten by Guardrisk Life Limited, a licensed life insurer and authorized financial services provider (FSP76). CPI is administered by Union Cash Loans (Pty) Limited, an authorized financial services provider (FSP 44481). This section lets you know how payment of your loan takes place. Please pay particular attention to the sentences in a bold font. CPI provides the following cover:

5.1.1 death cover or permanent disability (which covers your full outstanding balance)or

5.1.2 temporary disability (which covers up to a maximum of 12 months installments) or

5.1.3 loss of income (which covers up to a maximum of 12 months installments).

5.2 Once a claim has been paid in full, no further benefit will become payable. If you remain unemployed or temporary disabled longer than the claim benefit has been paid in full, there will be no further payment and you will remain liable for your outstanding obligation.

5.3 Full details of the terms and conditions of the CPI product can be viewed at www. ccmmicroloansltd.online

5.4 You have the right to waive the CPI product offered by us and to substitute it with a policy of your own choice, which covers the same benefits and which policy must then be ceded to us with certain written directions as stated in the National Credit Act.

5.5 Your insurance premiums will be billed to your account and collected as part of your installment. You will only have insurance cover if your account is not in arrears of your account notwithstanding such refund.

6. Interest & fees

7.1 Subject to the provisions of the Act, we offer 5% of any interest, fees and other costs that will be charged to your account. These amounts will be shown on your statement.

7.2 The rate of interest that we charge to your account will be reflected on your preagreement, but will never be more than the maximum annual interest rate permitted by the Act from time to time. The interest rate will be linked to the reference rate and will be fixed for the period of the agreement.

7.3 Interest will be calculated on a daily basis and added to your principal debt (in other words, compounded) on a monthly basis.

7.4 If you are in arrears, additional interest will be charged on overdue amounts at the same rate as the interest rate applicable. This arrear interest will be collected with your next monthly debit order.

7.5 We will periodically charge you a service fee. This will apply for as long as your account is open. The amount and frequency of the service fee will be set out in your pre-agreement, however, we may change this amount on notice to you. We will, however, never exceed the maximum cap as set out in the Act.

7.6 We may charge you a once-off initiation fee. The amount of the initiation fee will be set out in the pre-agreement. You may choose to pay the whole initiation fee with your first account payment. If you choose this option, you must let us know at the time of applying to us for credit, otherwise we will add this fee to your account as part of the principal debt so that you may pay it off in instalments.

7. Payment & settlement

9.1 You must pay your loan initiation fee as provided immediately your loan is approved so your loan can be finalized and your nominated bank account will be credited.

9.1.1 You must pay at least the minimum amount payable as indicated on your statement by the due date, which amount is made up of the sum of:

9.1.2 the instalment, any arrears; and

9.1.3 fees and charges.

9.2 You must pay your account through a debit order. You therefore authorise us (and mandate your bank) to deduct your monthly payments, as well as any other amount that may be due from time to time by you to us in terms of this agreement, from your bank account. If your account is in arrears, you authorise us (and mandate your bank) to also deduct such arrear amount, as well as any other amount that may be due from time to time by you to us in terms of this agreement, from your bank account.

9.3 We will deem all payments made by you to be made paid on the date that we receive such payment and the payments shall be allocated in the following order:

9.3.1 payment of due or unpaid interest, and thereafter

9.3.2 payment of due or unpaid fees and charges (including any insurance), and finally

9.3.3 payment of the principal debt, it being agreed that your oldest debt will be paid first.

9.4 In the event that the payment day falls on a Saturday, Sunday or recognised South African public holiday, the payment day will automatically be the business day before your usual payment date.

9.5 If you make a payment using the incorrect reference, your payment may not be allocated to your account. It is your responsibility to check your statements and to let us know if any payment is not reflecting on your account.

9.6 You may prepay any amount owed to us at any time, however, making a prepayment will reduce your outstanding balance and not entitle you to skip a payment

9.7 If your debit order is unpaid by your bank due to insufficient funds, we may track your account and re-present the instruction for payment as soon as sufficient funds are available. If your debit order is still unpaid by your bank, you must make the minimum payment due as indicated on your statement directly to us by the due date for such payment in order to keep your account from going into arrears.

9.8 If your debit order authorisation lapses due to there being no funds available in your bank account, you must contact us to provide us with a new debit order authorisation if you want to continue paying by means of a debit order

9.9 If you wish to settle your account, you must first contact us to obtain a settlement amount. Settling your account means that we will automatically also close your account.

9.10 You must immediately let us know if during the term of this agreement:

9.10.1 You apply for sequestration or to be placed under administration;

9.10.2 You are placed under curatorship so that you are no longer able to manage your own financial affairs; or

9.10.3 You apply for debt review.

8. Disbursement of the loan

An agreement will come into effect only after a successful credit assessment and if you have given us an authenticated collection mandate where applicable. If you apply for a further loan, we have the right to settle your existing personal loan/short-term loan from the proceeds of the new loan. Depending on the type of loan you qualified for, the loan amount or the lesser amount, as we may approve, will be disbursed to the merchant or deposited into your nominated account. If you selected a split disbursement of the loan, a portion of the loan amount will be paid to the merchant and the remainder of the loan amount will be deposited into your nominated account.

9. Payment of instalments

You must repay the loan amount together with interest, fees and charges as stated in the quotation. The payment may, in our discretion, be fulfilled through the authenticated mandate collection system or any other collection system that we may choose to use. If you do not pay on the due date or if we pay any amount on your behalf and we include this in the outstanding balance, Union Cash Loans (PTY) have the right to alter the monthly payments to amounts that we determine to ensure that your loan is repaid in the same period as stated in the quotation. If your bank account is closed, inaccessible or has insufficient funds to service the debit order, we may apply the debit order to any bank account that you may have with us, subject to the provisions of the NCA. If you cancel the debit order authority, you must choose another payment method acceptable to us and notify us immediately. If you choose a payment method other than debit order, receipt of payment will be at your risk until we receive and process the payment.

10. Sign the Contract

Before we deliver your new vehicle to your destination, you will be required to sign a release note (Acceptance of delivery) confirming that you have accepted the terms of delivery and that you liable to any expenses your new car will incurred in the process of delivery to you.

6. Fees, Cost and Charges 6. 1 You are responsible for payment of all fees that will be incurred during the time of delivery of your vehicle to your home address, costs and charges might be specified in the quotation. We may from time to time vary any fees, costs or charges, but will not exceed the prescribed amount in terms of the NCA. We will give you notice of at least two business days before we make the change.

6.2 If you default on any obligation in terms of the respective agreement, we will charge default administration charges for the delivery of each default letter, and we may charge you the costs we incurred to collect on the debt.

6.3 All amounts that we pay or incur due to your default, including any amount actually disbursed by us relating to payment of renewal premiums on any insurance policy, including all legal costs charged on an attorney and client scale, counsel's fees, tracing fees and other collection charges, will be payable by you. These charges are payable to us on demand, all such payments being authorised by you and secured by the security (where applicable).

6.4 If you are required to pay or reimburse any costs, fees, expenses or disbursements under the respective agreement, you agree that this obligation includes the payment of value-added tax where applicable.

6.5 Late Payment Fee charged for any late payments on the loan.

6.6 Damage Fee will be charged for any damages to the motor vehicle beyond normal wear and tear, as determined by the Company upon inspection.

11. Delivery Agreement

7.1 This document constitutes a legally binding agreement between Union Cash Loans (PTY), herein referred to as the "Company” and the borrower, herein referred to as the "Client", for the delivery of a motor vehicle obtained through a loan provided by the Company.

7.2 Delivery Process: The Company agrees to deliver the motor vehicle to the Client's specified address upon approval of the loan and completion of all necessary documentation.

7.3 Delivery Fee: Company will not be responsible to make payment for delivery and dispatched of your vehicle. Client must make payment for Vehicle before it will be dispatched to destination address. All Delivery cost (shipping, gas, unforeseen circumstances, and vehicle maintenance) will be paid by borrower (Client) whose name vehicle was purchased till the vehicle reaches owner destination.

7.4 Delivery Date: Union Cash Loans (PTY) shall endeavor to deliver the motor vehicle to the Client on the date agreed upon by both parties. However, the Company reserves the right to reschedule the delivery date due to unforeseen circumstances such as inclement weather, vehicle availability, or other factors beyond its control.

7.5 Delivery Inspection: Upon delivery, the Client shall inspect the motor vehicle for any damage or defects. Any issues shall be noted on the delivery documentation and brought to the attention of the Company's representative.

7.6 Responsibility for Damages: The Client shall be responsible for any damages to the motor vehicle occurring after delivery. The Client shall promptly inform the Company of any accidents or damages to the motor vehicle and shall cooperate fully in the repair process.