CrediWise

Crediwise is a mobile application that allows you to quickly apply for a loan for your everyday needs. We operate in full compliance with the regulatory requirements of South Africa.

How it works:
1. Install the app on your smartphone;
2. Complete a quick and simple registration;
3. Choose your loan amount;
4. Submit your application and receive a decision in minutes.

Requirements:
- South African ID;
- Age: 23-62 years;
- Official employment and confirmed income.

Product Description:
- Loan amount: ZAR 500 - 4,000
- Loan term: Minimum 65 days, maximum 90 days
- Max APR: 62.05%
- 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% x (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) x (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) x (ZAR 60 / days in disbursement month) + ZAR 60 x 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) x daily interest rate x term

Example:
- Loan amount (Disbursement): ZAR 2,000.00
- Term: 65 days
- Disbursement date 11 June -> Maturity date 14 Aug
- Daily rate: 0.017% = 0.00017
- Interest = (2,000 + 265) x 0.00017 x 65 = 3.85 x 65 ~ ZAR 250.90 (The calculation amount has been rounded)
- Initiation fee = 165 + 0.10 x (2,000 - 1,000) = ZAR 265
- Service fee = 19*2 + 120 = 38 + 120 = ZAR 158.00
- VAT (15%) on Initiation fee: 265.00 x 0.15 = ZAR 39.75
- VAT (15%) on Service fee: 158.00 x 0.15 = ZAR 23.70
- Total VAT = ZAR 63.45

Final calculation:
Principal 2,000.00 + Interest 250.90 + Initiation 265.00 + Service 158.00 + VAT 63.45 = ZAR 2,737.35
Total repayable (VAT on top): ZAR 2,737.35
APR: 62.05%

Legal Information:
Crediwise Technology (Pty) Ltd is a company duly incorporated and registered under the laws of South Africa, with company registration number 2025/543233/07 and registered with the National Credit Regulator (NCR) under registration number NCRCP22496.
Crediwise complies with all applicable South African credit regulations and responsible lending practices.
Always study the terms and conditions and the disclosure statements before proceeding with any transaction.

Contact Us:
For any questions, feedback, or hesitations, please contact us via the following methods:
- Website: https://crediwise.co.za
- Phone: +27 71 539 4220
- Email: support@crediwise.co.za