+27648994847

Loan Terms

Effective Date: 28 June 2026

These Loan Terms (“Terms”) are entered into by and between the Borrower and the Lender through the Fair Loan mobile application.

By registering an account, submitting a loan application, accepting a loan offer, or using the Fair Loan services, you confirm that you have carefully read, understood, and voluntarily agreed to these Terms and all related loan terms disclosed to you before acceptance.

These Terms apply to digital loan products provided through the Fair Loan mobile application in South Africa.

1. Definitions and Parties

1.1 Lender

The Lender refers to:

Company Name: SNAP CREDIT (PTY) LTD

App Name: Fair Loan

Registered Address: 101 PARKLAND DR UNIT 1, ESTHER PARK, JOHANNESBURG, 1619, South Africa

Customer Support Email: support@snapcredit.net

Customer Service Phone: +27 648994846

SNAP CREDIT (PTY) LTD operates the Fair Loan digital lending platform and provides loan-related services in accordance with applicable South African laws and platform requirements.

1.2 Borrower

The Borrower refers to any natural person who registers on the Fair Loan App, submits a loan application, accepts a loan offer, and receives loan approval.

The Borrower must meet the following conditions:

Be a lawful resident of South Africa;
Be at least 18 years of age;
Have full legal capacity to enter into binding contracts;
Have a valid South African identity document or other acceptable identification document;
Have a valid mobile phone number;
Have an active bank account or other accepted repayment method;
Provide true, accurate, complete, and lawful personal, identity, financial, and contact information;
Use the loan only for lawful purposes.

2. Legal and Regulatory Compliance

These Terms are governed by the laws of South Africa and are intended to comply with applicable South African legal and regulatory requirements, including, where applicable:

The National Credit Act, 2005;
The Protection of Personal Information Act, 2013;
The Consumer Protection Act, 2008;
The Electronic Communications and Transactions Act, 2002;
Applicable credit, consumer protection, data protection, electronic contracting, debt collection, and financial services requirements.

Nothing in these Terms is intended to limit or exclude any rights that you may have under applicable South African law.

The Lender is committed to responsible lending, transparent pricing, lawful collection practices, and protection of Borrower personal information.

3. Electronic Terms and Acceptance

These Terms may be accepted electronically through the Fair Loan App.

You agree that:

Your electronic acceptance, confirmation, one-time password verification, digital signature, checkbox confirmation, or in-app loan acceptance constitutes your valid consent to these Terms;
Electronic records generated through the App may be used as evidence of your loan application, loan approval, acceptance, repayment schedule, and related transactions;
The loan offer displayed in the App before your acceptance forms part of these Terms;
You are responsible for reviewing all loan terms before accepting the loan.

4. Loan Products and Terms

4.1 Loan Amount

The loan amount offered through Fair Loan may range from:

R500 to R20,000

The actual loan amount approved will depend on the Borrower’s application information, identity verification, affordability assessment, repayment ability, credit risk assessment, and internal approval criteria.

Approval is not guaranteed.

4.2 Loan Tenure

Loan duration may range from:

91 days to 365 days

The actual loan tenure will be clearly disclosed in the App before the Borrower accepts the loan.

Fair Loan does not require repayment in full within 60 days or less.

4.3 Interest Rate and APR

The Annual Percentage Rate (“APR”) may range from:

10% to 36% per annum

The actual APR will depend on the approved loan product, Borrower profile, loan amount, repayment period, risk evaluation, and applicable laws.

The APR and total repayment amount will be clearly displayed to the Borrower before the loan is accepted.

The maximum APR charged through Fair Loan will not exceed 36% per annum, including mandatory charges where required for APR calculation.

4.4 Fees and Charges

The Lender may charge lawful and disclosed fees where applicable, including but not limited to:

Service fees;
Management fees;
Credit assessment fees;
Payment processing fees;
Collection-related fees;
Other lawful administrative or operational fees.

All applicable fees will be clearly disclosed before the Borrower confirms and accepts the loan.

No hidden charges will be imposed.

4.5 Loan Disbursement

If a loan is approved and accepted, the approved loan amount will be disbursed to the Borrower’s nominated bank account or other approved payment method.

Disbursement may be delayed or declined if:

Identity verification fails;
Bank account information is incorrect;
Fraud or risk concerns are detected;
The Borrower fails to meet eligibility requirements;
Technical, payment, or compliance issues occur.

5. Illustrative Loan Example

The following example is provided for reference only. Actual loan terms may vary based on the approved loan product and the Borrower’s assessment result.

Example:

Loan Amount: R2,000
Loan Term: 120 days
APR: 36% per annum
Calculation Method: Simple interest calculation for illustration
Total Interest: R236.71
Total Repayment Amount: R2,236.71
Number of Instalments: 4
Estimated Periodic Repayment: R559.18

Interest Calculation:

R2,000 × 36% × 120 / 365 = R236.71

Therefore, the total repayment amount is:

R2,000 + R236.71 = R2,236.71

This example does not include any additional fees unless such fees are clearly disclosed in the App before loan acceptance.

Before accepting any loan, the Borrower will be shown the actual approved loan amount, APR, interest, applicable fees, repayment dates, instalment amount, and total repayment amount.

6. Pre-Contract Disclosure

Before the Borrower accepts a loan, Fair Loan will clearly disclose the key loan terms, including:

Approved loan amount;
Loan tenure;
APR;
Interest amount;
Applicable fees;
Total repayment amount;
Repayment schedule;
Repayment due date or instalment dates;
Late payment consequences;
Early repayment options;
Any other material loan terms.

The Borrower should review all information carefully before accepting the loan.

By accepting the loan, the Borrower confirms that the disclosed loan terms are understood and accepted.

7. Borrower Responsibilities

The Borrower agrees to:

Provide true, accurate, complete, current, and lawful information;
Submit valid identity verification information, including identity document images and facial verification where required;
Use the loan only for lawful purposes;
Repay the loan principal, interest, and all applicable fees in full and on time;
Maintain sufficient funds in the repayment account on each due date;
Keep contact information, bank account information, and personal details up to date;
Notify the Lender promptly of any change that may affect repayment ability;
Authorize the Lender to conduct lawful identity verification, fraud prevention, affordability assessment, and credit risk assessment;
Accept lawful repayment reminders and collection communications in case of overdue repayment;
Comply with these Terms and all loan terms accepted in the App.

8. Lender Obligations

The Lender undertakes to:

Provide clear, fair, and transparent loan terms;
Disclose the loan amount, APR, interest, fees, repayment schedule, and total repayment amount before acceptance;
Disburse approved loan funds in accordance with the accepted loan terms;
Protect the Borrower’s personal information in accordance with applicable data protection laws;
Use Borrower information only for lawful and disclosed purposes;
Conduct collection activities in a fair, lawful, reasonable, and non-abusive manner;
Provide customer support through the contact details listed in these Terms;
Maintain reasonable security measures to protect Borrower information and loan records.

9. Repayment

The Borrower must repay the loan in accordance with the repayment schedule displayed in the App and accepted by the Borrower.

Repayment may be made through:

Bank transfer;
Debit order;
Card payment;
Payment gateway;
Other repayment channels supported by Fair Loan.

The Borrower is responsible for ensuring that repayment is made on or before the due date.

A repayment will be considered completed only after the Lender or its payment service provider confirms receipt of cleared funds.

10. Debit Authorization

Where the Borrower selects or agrees to automatic repayment, the Borrower authorizes the Lender or its authorized payment service provider to debit the agreed repayment amount from the Borrower’s nominated bank account or payment method on the applicable due date.

The Borrower agrees to maintain sufficient funds in the repayment account.

If a debit attempt fails due to insufficient funds, incorrect account details, account closure, payment refusal, or any other reason, the Borrower remains responsible for the outstanding amount and any lawful charges disclosed before acceptance or permitted by law.

11. Late Payment and Default

11.1 Late Payment

If the Borrower fails to repay any amount on or before the due date, the loan may become overdue.

In the event of late repayment, the Lender may charge a late payment fee or default interest where permitted by law and disclosed to the Borrower.

Any late payment fee or default charge will be applied only to the overdue amount and will be disclosed in the App or loan offer before acceptance.

11.2 Default

The Borrower may be considered in default if:

Any repayment remains unpaid after the due date;
The Borrower provides false, misleading, incomplete, or fraudulent information;
The Borrower breaches any material term of these Terms;
The Borrower attempts to avoid repayment or collection communication;
Fraud, identity misuse, or unauthorized activity is detected.

11.3 Consequences of Default

If the Borrower defaults, the Lender may take lawful action, including:

Sending repayment reminders by phone, SMS, email, in-app notification, or other lawful communication channels;
Charging disclosed and lawful late payment fees or default charges;
Suspending access to further loans or App features;
Reporting repayment performance or default information to credit bureaus or authorized credit reporting agencies where permitted by law;
Engaging lawful debt collection service providers;
Initiating lawful recovery or legal proceedings;
Seeking recovery of reasonable enforcement costs where permitted by law.

The Lender will not use unlawful, abusive, threatening, misleading, harassing, defamatory, or public-shaming collection methods.

12. Early Repayment

The Borrower may repay part or all of the outstanding loan amount before the scheduled due date.

Fair Loan does not charge a prepayment penalty unless expressly permitted by law and clearly disclosed before loan acceptance.

Where early repayment is made, the Borrower may be entitled to a reduction in future interest or charges where required by applicable law or reflected in the applicable loan terms.

13. Loan Extension or Rescheduling

If the Borrower anticipates difficulty in repaying on time, the Borrower may contact Fair Loan customer support or submit a request through the App before the due date.

Approval of any extension, restructuring, or rescheduling request is not guaranteed and remains subject to the Lender’s review, applicable law, risk assessment, and internal policies.

Any approved extension, restructuring, or rescheduling may involve additional interest, fees, or revised repayment terms, which will be disclosed before the Borrower accepts the revised arrangement.

14. Credit Assessment and Responsible Lending

The Borrower authorizes the Lender to assess the Borrower’s identity, affordability, repayment capacity, credit risk, fraud risk, and eligibility for loan products.

The assessment may include review of:

Personal information;
Identity verification information;
Facial photograph and identity document images;
Contact information;
Employment and income-related information;
Bank account or repayment information;
Device and usage information;
Repayment history;
Credit-related information obtained from lawful sources;
Information from credit bureaus or risk assessment providers where permitted by law.

The Lender may approve, reject, limit, suspend, or review a loan application based on assessment results.

The Lender is not obligated to approve any loan application.

15. Credit Bureau and Reporting

Where permitted by law, the Lender may obtain information from or report information to credit bureaus, risk assessment providers, fraud prevention databases, or authorized third parties for purposes including:

Identity verification;
Credit risk assessment;
Affordability assessment;
Fraud prevention;
Repayment reporting;
Default reporting;
Debt recovery;
Legal and regulatory compliance.

Late payment or default may negatively affect the Borrower’s credit profile.

16. Personal Information and Data Protection

The Lender processes Borrower personal information in accordance with the Fair Loan Privacy Policy and applicable South African data protection laws, including POPIA.

Borrower information may be collected and used for:

Account registration;
Identity verification;
Facial verification;
Identity document verification;
Loan application processing;
Credit risk assessment;
Affordability assessment;
Fraud prevention;
Loan disbursement;
Repayment administration;
Customer support;
Debt collection;
Legal compliance;
Regulatory reporting;
Security and audit purposes.

The Lender will not sell Borrower personal information.

Borrower personal information may be shared with authorized service providers, identity verification providers, payment processors, credit bureaus, fraud prevention partners, cloud hosting providers, debt collection partners, legal advisers, or regulatory authorities where lawful, necessary, and appropriate.

The Borrower may request access, correction, deletion, or restriction of personal information in accordance with the Fair Loan Privacy Policy and applicable law.

17. Prohibited Conduct

The Borrower must not:

Provide false, misleading, stolen, or fraudulent information;
Submit an identity document or facial photograph that does not belong to the Borrower;
Create multiple accounts to obtain improper loan approvals;
Use another person’s bank account without authorization;
Use the loan for illegal purposes;
Interfere with the App’s security or operation;
Attempt to evade repayment obligations;
Abuse, threaten, or harass customer service, collection, or support staff;
Violate these Terms or applicable law.

If prohibited conduct is detected, the Lender may reject the application, suspend the Account, demand immediate repayment, report fraud, or take lawful action.

18. Account Suspension and Loan Restrictions

The Lender may suspend, restrict, or terminate the Borrower’s access to Fair Loan if:

The Borrower breaches these Terms;
The Borrower provides false or misleading information;
Identity verification fails;
Fraud or suspicious activity is detected;
The Borrower defaults on repayment;
The Borrower violates applicable law;
Continued access creates legal, security, financial, or reputational risk.

Suspension or termination of App access does not cancel the Borrower’s obligation to repay any outstanding loan, interest, fees, or lawful charges.

19. Amendment of Terms

The Lender may update or modify these Terms due to changes in:

Applicable laws or regulations;
Business policies;
Loan products;
App functionality;
Security requirements;
Platform requirements;
Operational practices.

Any material changes will be communicated to the Borrower through the App, email, SMS, notification, or other reasonable means.

Changes will not affect loan terms already accepted by the Borrower unless required by law or agreed by the Borrower.

20. Termination

The Lender may terminate these Terms or the Borrower’s access to Fair Loan if:

The Borrower provides false, inaccurate, misleading, or fraudulent information;
The Borrower seriously breaches repayment obligations;
The Borrower engages in fraud, identity misuse, or unlawful activity;
The Borrower violates these Terms;
The Borrower’s creditworthiness or repayment capacity materially deteriorates;
Continued service would create legal, regulatory, operational, or security risk.

Termination does not relieve the Borrower of the obligation to repay all outstanding amounts, including principal, interest, fees, and lawful charges.

21. Limitation of Liability

To the maximum extent permitted by law, the Lender will not be liable for losses caused by:

Incorrect information provided by the Borrower;
Failed or delayed payments caused by banks, payment processors, networks, or third-party systems;
Unauthorized access resulting from the Borrower’s failure to protect login credentials;
Device failure, internet interruption, App downtime, or technical errors beyond the Lender’s reasonable control;
Use of the loan for unlawful or unauthorized purposes;
Events beyond the Lender’s reasonable control.

Nothing in these Terms excludes liability that cannot be excluded under applicable law.

22. Complaints and Customer Support

If the Borrower has any questions, complaints, disputes, or repayment difficulties, the Borrower should contact Fair Loan as soon as possible:

Email: support@snapcredit.net

Phone: +27 648994846

The Lender will make reasonable efforts to review and respond to complaints in a fair and timely manner.

The Borrower may also submit complaints to appropriate regulatory, consumer protection, credit, or dispute resolution bodies where permitted by applicable law.

23. Dispute Resolution and Governing Law

These Terms shall be governed by and interpreted in accordance with the laws of South Africa.

Any dispute arising from or relating to these Terms shall first be resolved through good-faith negotiation between the Borrower and the Lender.

If the dispute cannot be resolved amicably, it may be referred to a competent court, tribunal, ombud, regulator, or dispute resolution body in South Africa, as permitted by applicable law.

24. Entire Terms

These Terms, together with the loan offer accepted in the App, the repayment schedule, the Privacy Policy, and any other terms disclosed to and accepted by the Borrower, form the entire terms between the Borrower and the Lender regarding the loan.

If there is any conflict between these Terms and the specific loan terms displayed in the App before acceptance, the specific loan terms accepted by the Borrower shall apply to that loan, provided they are lawful.

25. Contact Information

For questions, requests, complaints, or support, please contact: