HomeLoans calculator
Loans Calculator
Use this loans calculator to see the most a short-term loan can cost you. Move the sliders and the numbers update as you go. We use the legal maximum fees, so the interest and fees in a lender’s quote can’t be higher than this. They might well be lower.
How Much Would You Like To Borrow?
Set your amount and term to see the most it could cost. No commitment.
Free to use. No obligation to accept an offer.
See cost breakdown
- Amount borrowed
- R3,000.00
- Interest
- R150.00
- Initiation fee (incl. VAT)
- R419.75
- Service fees (incl. VAT)
- R69.00
- Total cost of credit
- R638.75
These are the maximums the National Credit Act allows. Your lender may charge less and will confirm your actual quote before you sign.
Your Loan, Broken Down
Change anything in the calculator above and these numbers follow.
Where your money goes
R3,638.75total to repay
- Amount borrowedR3,000.00
- InterestR150.00
- Initiation fee (incl. VAT)R419.75
- Service fees (incl. VAT)R69.00
- Total cost of creditR638.75
Repayment schedule
| Payment | Amount | Still owed afterOwed after |
|---|
Instalments are usually collected by debit order on your payday. The last one may differ by a few cents because of rounding.
Compare repayment terms for R3,000
| Term | Monthly instalmentMonthly | Total cost of credit | Total to repayTotal |
|---|
Tap a row to use that term in the calculator. A longer term means smaller instalments but a higher total, because interest and the service fee are charged every month.
Where The Numbers Come From
Four things make up the cost of a short-term loan, and the law puts a ceiling on each one.
Interest
Up to 5% a month on a first short-term loan, and up to 3% a month on later short-term loans in the same calendar year.
Initiation Fee
A once-off fee of up to R165 plus 10% of the amount above R1,000, never more than R1,050, plus VAT.
Service Fee
Up to R60 a month, plus VAT. That is R69 a month for every month of the loan.
VAT
VAT of 15% is added to the initiation fee and the service fee. Interest does not carry VAT.
Paying Less
The amount, the term and whether it is a repeat loan all change the total.
Ways To Pay Less
Try each one in the calculator and watch the total move.
- Borrow only the amount you really need
- A shorter term means less interest and fewer service fees, but a bigger instalment
- Repeat loans in the same calendar year have a lower interest cap
- Settle early if you can: you pay only what is owed up to that date
- Read every quote before you sign and compare the total to repay
Can You Afford It?
Five minutes with a pen and your last bank statement.
- Add up your monthly income after tax
- Subtract your rent, food, transport and other regular costs
- Subtract the repayments on any debt you already have
- Make sure the instalment fits comfortably in what is left
- Struggling with debt? Call the NCR on 0860 627 627
Calculator Questions
How the numbers work, and what they leave out.
Is The Calculator Result My Final Cost?
No. It shows the most a loan can cost at the legal maximums. Your lender may charge less, and your written quote shows your actual cost before you sign.
Why Does A First Loan Cost More Than A Repeat Loan?
The maximum interest on a first short-term loan is 5% a month. On later short-term loans in the same calendar year it is capped at 3% a month.
Why Does A Longer Term Cost More In Total?
Interest and the monthly service fee are charged for every month of the loan. More months means smaller instalments but a higher total to repay.
Does Using The Calculator Affect My Credit Record?
No. The calculator works in your browser and nothing is sent anywhere. Your details are only shared when you apply.
Why Is VAT Added To Some Fees?
VAT of 15% applies to the initiation fee and the service fee. Interest does not carry VAT.
Can The Lender Charge Any Other Fees?
A lender may only charge fees the National Credit Act allows, and every fee must appear in the written quote you receive before you sign.
Happy With The Numbers?
The form takes about 3 minutes and a registered lender reviews it. If their offer doesn’t suit you, you don’t have to take it.
Only borrow what you can comfortably repay. If you’re struggling with debt, free help is available from the National Credit Regulator on 0860 627 627.