C
Legal
Credit Agreement
The contract between you and the lender — it spells out everything: the loan amount, the interest rate, when you need to pay it back, what fees they'll charge, and what happens if you don't pay. Read the fine print before you sign, because you're committing to years of repayments.
Usage Examples
"Thandi signed a credit agreement with FNB for a R50,000 personal loan. It said 18% interest per annum, 48-month term, R1,410 monthly payment, plus a R1,207 initiation fee and R69 monthly service fee. That's the contract — she's locked in."
"Andile got a credit agreement from his local mashonisha for quick cash. No proper contract, just a handshake and 'you'll pay it back with interest.' That's why he's got no protection — proper lenders must give you a written NCA-compliant agreement."
"The Capitec credit agreement Sipho signed detailed everything: what happens if he misses a payment, his right to settle early (with a three-month interest fee cap), the exact APR of 24.5%, and the complaint process. He kept a copy just in case."