Sibol Financial Lending (Pty) Ltd.(NCRCP16948)Terms And Conditions

Herewith the Terms and Conditions of Loan Agreement (in terms of section 93(2) of the National Credit Act No. 34 of 2005 ('the Act') for Sibol Financial Lending (Pty) Ltd “Sibol Finance”). These Terms and Conditions form part of and are to be read together with the Quotation and Loan Agreement.


1.1 Sibol Finance is registered with the National Credit Regulator (“NCR”) and subscribes to the National Credit Act.

1.2 Should you wish to lodge a complaint you can contact the NCR on 0860 627 627 or Sibol Finance on 083 411 8942.

1.3 The agreement is concluded once Sibol Finance approves your loan application. The granting of the loan is entirely within the discretion of Sibol Finance.

1.4 Any amendment made to the agreement will only be legally binding once Sibol Finance has notified you in writing of such amendment.


The payment schedule attached to these Terms and Conditions sets out the information relating to the loan amount approved and must be read as part of this agreement.


3.1 The interest rate is fixed for the duration of the agreement and is calculated on the daily balance and capitalised monthly (added to the outstanding loan balance) on the last day of the month.

3.2 In the event that an arrears amount exists on your account due to non-payment or late payment, the interest rate applicable to such amount in arrears shall not exceed the maximum interest rate applicable to your agreement under the NCA.

3.3 Should Sibol Finance change the interest rate, the amount of fees or charges applicable to your account or the frequency or time of payment of a credit fee or charge as provided for in the NCA, Sibol Finance will notify you in writing by way of SMS of the proposed change/s at least 5 business days before such change is implemented.

3.4 Sibol Finance is entitled (with or without notice to you) to waive its entitlement to a portion of any initiation fees due and payable in respect of new loans when granting new loans to certain categories of customers (such categories to be determined by Sibol Finance in its absolute and sole discretion which may include existing customers). Any such waiver by Sibol Finance of its rights to charge full initiation fees will not alter or amend the nature of this credit agreement.


4.1 You have the right to delay concluding this agreement by 5 business days in order to consider the terms of the agreement.

4.2 If you elect, within the above 5 business day period, to conclude the proposed agreement, the agreement will be on the same terms (and at or below the interest rate and cost) as originally quoted to you during your telephonic conversation with our call centre.

4.3 Interest will be charged from the date that the money is paid to you by Sibol Finance and not from the date that the quote was given to you.


5.1 Once the loan amount has been paid into your bank account, you will be responsible for repayment of the total amount as stipulated in the agreement (being the loan amount together with interest and all other charges such as administrative costs)

5.2 You will furnish a debit order in respect of any amount payable under the agreement and you consent to the following:

5.2.1 Sibol Finance will raise a debit order to your account to collect your instalments on the instalment date or on such other date as your employer may deposit your salary;

5.2.2 PLEASE NOTE where any of these instalments are due on a weekend, Monday or public holiday, Sibol Finance may raise the debit order on the previous business day;

5.2.3 The reference on your bank statement for all Sibol Finance debit orders will be Sibol Finance;

5.2.4 If there are insufficient funds available to deduct your instalment, Sibol Finance will be entitled to track your account and represent the instruction for payment as soon as sufficient funds are available in your account.

5.2.5 All monthly instalments and any payment arrangements will be deducted from your recently approved and validated banking details. This means in the event that the provided banking details is not valid or not approved by yourself, Sibol Finance will be entitled to debit any existing valid bank account.

5.2.6 Should your account fall into arrears, Sibol Finance will be entitled to collect an additional amount of up to one and a half times of the agreed instalment amount. This amount is in addition to the monthly instalment amount.

5.3 You are expected to repay the full contractual amount in monthly instalments via debit order for the period specified in the agreement by the due date. Should there be a problem with the debit order, the onus is on you to make alternate payment arrangements prior to the instalment due date to prevent penalty interest or legal costs being applied to the account.


If you fail to make any payment punctually, you agree that Sibol Finance may immediately claim the entire amount you owe in terms of the agreement from you (which includes, without limitation, loan amounts, arrear interest and any other monies owing against the outstanding loan amount). In these circumstances, Sibol Finance may enforce the agreement by taking the following steps:

6.1 Sibol Finance may advise you in writing or by way of SMS that you are in default and propose that you refer the agreement to a debt counsellor, alternative dispute resolution agent, consumer court or ombudsman with jurisdiction in order to resolve any dispute under the agreement or agree on a plan to bring the payments up to date.

6.2 If you have been in default for at least 20 business days and at least 10 business days have elapsed since Sibol Finance sent you notice as set out in 6 and you have not responded to the notice, or have responded by rejecting Sibol Finance’s proposals, Sibol Finance may approach a court for an order to enforce the agreement.

6.3 You may at any time before Sibol Finance has cancelled the agreement, remedy your default by paying to Sibol Finance all amounts that are overdue, together with Sibol Finance’s permitted default charges and reasonable costs of enforcing the agreement up to the time you remedy your default.


You agree to receive a statement of account which will be delivered to you by email to the email address as provided by you in this agreement. Sibol Finance will, at your request, provide you with a statement setting out all charges levied, all payments made and the balance outstanding.


8.1 You consent to the following:

8.1.1 To contact Sibol Finance in person to obtain a settlement quote in the event that you want to settle your loan before the end of its term. You acknowledge that no third party will be allowed to settle your loan on your behalf.

8.2 You are entitled to terminate this agreement at any time by settling the outstanding loan balance ahead of schedule at any time, with or without prior notice to Sibol Finance. The amount required to settle the loan account is the total of the unpaid balance of the principal debt and the unpaid interest charges and other fees and charges payable up to the settlement date. 8.3 You will only pay a pro rata share of the interest for the time you have had the money if you settle the loan amount ahead of schedule. 8.4 Despite having received a settlement value from Sibol Finance, you remain responsible for making sure that all amounts due by you to Sibol Finance (including without limitation, interest charges and administrative costs) have been settled in full.


If you do not comply strictly with the rules set out in this agreement, commit any act of insolvency, are sequestrated, make any untrue statements or representations, fail to disclose any information that is pertinent to the loan application or do anything that may prejudice the rights of Sibol Finance, Sibol Finance may, without prejudice to any other right that may accrue to Sibol Finance, claim the full amount outstanding which includes, without limitation, the loan amount, arrear interest or any other monies owing against the outstanding loan amount. In these circumstances, the procedural steps set out in 6 above shall apply.


In terms of section 45 of the Magistrates Court Act, 32 of 1944, you hereby consent that Sibol Finance may institute any legal proceedings that have to do with this agreement or your account, in the Magistrates Court. You consent that we may institute action in any Magistrates Court, which, in terms of section 28 of the Magistrates Court Act, has jurisdiction over you. If we have to go to court for any reason related to this agreement, you will have to appear in the Magistrates Court. We can however choose to institute action against you in any court having jurisdiction.


11.1 Should you be in arrears with your instalment (s) and should Sibol Finance take steps to enforce the agreement in terms of the Act, you shall be liable for all default administration charges and collection costs incurred by Sibol Finance or its appointed collections agent, including collection commissions, costs of an attorney and such other reasonable expenses incurred by Sibol Finance or its appointed collections agent, in enforcing this agreement (such as telephone calls and letters to you), subject to the provisions of the Act. 11.2 Sibol Finance will not collect or its appointed collections agent, attempt to collect any amounts for costs exceeding costs allowed for in terms of the Act, Magistrates Court Act No. 32 of 1944, the Supreme Court Act No. 59 of 1959 or the Debt Collectors Act No. 114 of 1998.


12.1 You choose the address as stated in the agreement as the address at which you will accept service of legal documents and notices. 12.2 If you have an address change, you are responsible for informing Sibol Finance of the new address either in writing or telephonically as soon as possible. 12.3 Sibol Finance’s chosen address and contact detail for all purposes under this agreement is as follows, namely: telephone number 083 411 8942, postal address and physical address 02 Dolce Street, Wilgeheuwel, Roodepoort, 1724


A certificate signed by a Sibol Finance manager (who need not prove that appointment), will be sufficient proof of the balance outstanding under the loan and any other terms of the loan, unless proven otherwise.


Sibol Finance reserves the right, at any time and without notice to you, to cede any or all of its rights in and/or claims against you to a third party elected by Sibol Finance. By acceptance of this agreement, you hereby irrevocably and unconditionally consent to such cession.


The terms of this agreement are the complete and full terms of the agreement between you and Sibol Finance and there are no additional unspoken or implied terms and conditions, unless amended by agreement and in terms of 1.4 above.


When applying for a loan from Sibol Finance, you are entitled to request to be excluded from any or all of the following: 16.1 Telemarketing campaigns conducted by or on behalf of Sibol Finance; 16.2 Marketing and customer lists that are sold or distributed by Sibol Finance, other than as required by the Act; 16.3 Any mass distribution of email or sms messages. You will be requested to exercise this right during the loan application process. The options you select will appear on the payment schedule attached to this agreement. You’re entitled at any time to contact Sibol Finance and request that the options selected by you be amended.


17.1 You consent to: 17.1.1 The processing of your personal information (“PI”) by Sibol Finance and any of it’s operators, commercial partners, agents and sub-contractors (who may be outside South Africa) on condition they will keep such information confidential; 17.1.2 The collection of your PI from any other sources to add to the PI which Sibol Finance has about you; 17.1.3 Sibol Finance and its commercial partners using your PI and communicating with you regarding products, services, research and special offers that may be of interest or value to you (marketing). 17.2 If you choose to be excluded from direct marketing campaigns, you must advise Sibol Finance in writing or register a block on the relevant registry which Sibol Finance is bound by law to recognise. Sibol Finance will not charge you a fee to update this request on its systems. Sibol Finance will give effect to any changes requested by you as soon as reasonably possible.


18.1 You consent to Sibol Finance conducting a credit enquiry about you and confirming your details with any credit bureau, credit provider or third party and providing your PI, including the manner in which you conduct your account, to:

a) credit risk management services (including credit bureaux); and/or

b) crime prevention agencies.

18.2 Sibol Finance may transfer and share your Pl and information about your loan application, termination and non-compliance with this terms and conditions to the following credit bureaus:

TransUnion Credit Bureau (Pty) Ltd

T: 0861 482 482


Experian South Africa (Pty) Ltd

T: 011 799 3400


Compuscan Information Technologies (Pty) Ltd

T: 021 888 6000


Consumer Profile Bureau (Pty) Ltd

T: 010 590 9505


XDS (Xpert Decision System)

T: 011 645 9100


VeriCred Credit Bureau (Pty) Ltd

T: 086 604 1273



19.1 In terms of the NCA you have the right to:

contact a credit bureau;

have your credit record disclosed;

correct inaccurate information listed at a bureau;

resolve a complaint by way of alternative dispute resolution or file a complaint with the NCR or make an application to the National Consumer Tribunal (“the Tribunal”);

apply to a debt counsellor to be declared over-indebted in terms of the NCA and to have your debt obligations rescheduled.

19.2 The contact details of the NCR and the Tribunal are as follow:


T: 0860 627 627

F: 011 805 4905



National Consumer Tribunal

T: 012 683 8140

F: 012 663 5693




I, the applicant declare and agree that:

The information that I have provided for the purposes of concluding this agreement is true and correct;

I have not taken up any further credit other than that which already existed at the time I applied for this loan from Sibol Finance;

Sibol Finance can add outstanding amounts, relating to my previous loans which have not been settled, to my new loan balance and adjust my monthly repayments on my new loan in accordance with my new loan balance;

Where instalments are deducted from my bank account, I may not close the bank account unless I have informed Sibol Finance of the change and Sibol Finance has agreed to it and I will make sure that my salary is paid into the indicated account until the entire loan (together with all administrative charges and interest) has been repaid;

Notification in terms of Section 72 (1) of the National Credit Act may be given to me by way of SMS;

I will personally contact Sibol Finance to obtain a settlement quote in the event that I want to settle my loan before the end of its term. I acknowledge that a third party may not settle my loan on my behalf;

By accepting this agreement I give Sibol Finance permission to:

Contact anyone to check that the information which I have provided for the purposes of concluding this agreement is correct;

Obtain details from any party about my financial status and banking details, including my credit record and payment history;

Give information about this loan to any party, including any credit bureau or National Loans Register;

Disclose to a third party my credit record and payment history;

Disclose my PI in the following instances:

where Sibol Finance is legally compelled to do so;

where it is in the public interest to disclose my PI;

where disclosure is made at my request or with my written consent.