Countries / South Africa
Loan management software in South Africa
For money lenders and microfinance companies in South Africa: borrowers checked by ID number, phone numbers in +27 form, money in South African Rand (R) and reports you can hand to the National Credit Regulator, on a phone or a computer.
- Money
- South African Rand (R)
- Phone numbers
- +27, like 082 123 4567
- Borrower ID
- ID number, like 8001015009087
- Province
- On every borrower's address
- Plans
- From $39 a month, in US dollars
How borrowers repay
DebiCheck debit orders and EFT, with payroll deductions where the employer allows them. Each payment is recorded against the right instalment, with a receipt, whichever way it came in.
Who licenses lenders
Credit providers register with the National Credit Regulator. A short-term loan (under R8,000, up to six months) is capped at 5% a month on a borrower's first loan and 3% on later ones in the same year, so the example here uses 5%. Spindle Loans keeps the loan register, signed agreements, key facts and a complaints log, ready to show when you are asked.
A typical loan
Short-term loan, under R8,000, repaid monthly: R4,000.00 over 3 months at 5% a month, flat, is 3 instalments of R1,533.33, R600.00 interest in total. This rate is only an example: you set your own rates, fees and penalties on each loan product.
Reminders and receipts can go out by text through a provider in your country, which we connect for you. You pay for Spindle Loans in US dollars by bank transfer; your system opens the day the money arrives.
Also in Southern Africa
ZambiaZimbabweMalawiBotswanaNamibiaMozambiqueAngolaLesotho All countries