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APR & Loan period
Fixed rates range from 36% to 60% APR and payment options range from minimum 3 to maximum 24 months. Apart from the initiation and monthly fees shown below, the only additional fee is credit life insurance if the borrower does not have this already.
Renewals
All accounts may be renewed if they are up to date.
Collection
All payments are made via EFT or direct deposits into Lamna’s bank account. There are no debit orders.
Non-payment
Non-payments may result in the matters being escalated.
Illustrative example
Client borrows R10,000 for 90 days.
Loan
Amount
Repayment Period
Monthly Repayment
Total Cost of Loan
Initiation
Fee
Monthly Fee
(Interest + Service Charge)
APR
Loan Amount
R10,000
Repayment Period
3 months
Monthly Repayment
R560
Total Cost of Loan
R12,370
Initiation Fee
R1,000
Monthly Fee (Interest + Service Charge)
R650
APR
60%
Accreditations:
Pawn My Car is a division of Lamna Financial Services, which is registered with
both the NCR (National Credit Regulator) and FSB (Financial Services Board).