Analyse de l'application Lendplus ZA pour le 25 janvier

LendPlus Product Description: • Loan amounts: ZAR 500 – ZAR 4,000. • Loan terms: minimum 61 days, maximum 90 days. • Maximum APR 36% • Initiation fee and Service fee shown in the app include VAT (15%). Fees: • Initiation fee — charged once, on activation. Fee depends on Loan amount: * For loans up to ZAR 1,300: 15% of the loan amount * For loans from ZAR 1,300 up to ZAR 4,000 The fee is calculated as: ZAR 165 + 10% × (loan amount − ZAR 1,000) The initiation fee is shown VAT-inclusive, with VAT (15%) on the initiation fee amount charged at the same time. • Service fee — depends on the number of calendar months covered by the loan. Charged on activation. Calculation: * If loan spans two months: Service fee = (number of days until the end of the month in current month) × (ZAR 60 ÷ days in disbursement month) + ZAR 60 for the final month. * If loan spans more than two months: Service fee = (number of days until the end of the month in current month) × (ZAR 60 ÷ days in disbursement month) + ZAR 60 × number of subsequent months. The service fee is shown VAT-inclusive, with VAT (15%) on the service fee amount charged at the same time. Interest • Interest is calculated at the applicable daily rate and displayed in the pre-agreement calculation. Interest amount = (loan amount + Initiation fee) × daily interest rate × term Example: Loan amount (Disbursement): ZAR 3,000.00 Term: 89 days (Disbursement date 15 Sep → Maturity date 12 Dec) Daily rate: 0.08% = 0.0008 Interest = (3,000 + 365) × 0.0008 × 89 ≈ ZAR 240.30 (The calculation amount has been rounded) Initiation fee = 165 + 0.10 × (3,000 − 1,000) = ZAR 365.00 Service fee = 15 × (60 ÷ 30) + 180 = 15×2 + 180 = ZAR 210.00 VAT (15%) on Initiation fee: 365.00 × 0.15 = ZAR 54.75 VAT (15%) on Service fee: 210.00 × 0.15 = ZAR 31.50 Total VAT = ZAR 86,25 Final calculation: Principal 3,000.00 + Interest 240.30 + Initiation 365.00 + Service 210.00 + VAT 86.25 = ZAR 3,901.55 Total repayable (VAT on top): ZAR 3,901.55