Rates and Fees

National credit regulator

Koodo is registered as credit provide with National Credit Regulator (NCR). The repayments on our Payday loans are in line with NCR guidelines.
Please refer to the example below:

Cap Amount	Initiation fee	Service fee	Interest	VAT	Total Rep
R 500.00	R 75.00	R 85.00	R 26.00	R 24.00	R 710.00
R 1000.00	R 150.00	R 85.00	R 50.00	R 32.00	R 1370.00
R 2000.00	R 250.00	R 85.00	R 95.00	R 50.00	R 2480.00

Note: the above table is only an example and it should only be viewed as such. Contact us for comprehensive quotation.

Late payments

In an event that we are unable to collect money from your salary account as stipulated on your loan agreement, we will contact you to let you know about the failed collection, and discuss with you how to make a payment. The late payment charges will apply from the date that we were unable to collect. It is the client s responsibility to make sure there are sufficient funds to cover Koodo debit order in their account.

Non payment

Continues Non-payment of loan will result in additional charges being debited to your loan account. After 60 days of non-payment, your account will be handed over to external debt collecting attorneys. The attorneys may add further charges to your account. And your credit rating will also be negatively affected.

Loan Renewal

Clients may renew their loans for as long as they require the funds. The loan renew may be done after every successful collections. There is no waiting period.

Credit Limit Increases

We review credit limits every time the clients make a request upon renewing their loans.

Understanding Your Koodo Loan Costs

Koodo is a registered credit provider (NCRCP 19962) and every fee we charge is governed by the National Credit Act (NCA). Here is what each cost component means:

Initiation Fee: A once-off fee charged when your loan is approved, capped by the NCR based on your loan amount.
Service Fee: A monthly administration fee of R85.00 charged while your loan remains active.
Interest: Charged on the outstanding balance. Our maximum annual interest rate complies with all NCR limits.
VAT: Value Added Tax (15%) applied to the initiation and service fee as required by South African law.

Maximum Annual Percentage Rate (APR)

Our maximum APR is 38%. You will never pay more than 38% per annum in total interest. For payday loans with 61-65 day repayment terms, the effective cost is calculated on the outstanding balance for the duration of the loan only.

Repayment Terms

Koodo offers repayment periods of 61 to 65 days. All repayments are collected via debit order on your next payday. Please ensure sufficient funds are available to avoid late payment penalties.

Frequently Asked Questions

Are there hidden fees?
No. Every cost is disclosed upfront before you sign. The table above shows the full cost of borrowing.

What happens if my debit order bounces?
An R50 service fee plus 5% monthly interest applies from the date of failed collection. We will contact you to arrange payment.

Can I settle early?
Yes. Settling early saves you on remaining service fees and interest.

How do I get a quote?
Complete our Payday Loan Application for a personalised assessment based on your amount and income, or contact us directly.

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