Personal Loan Terms and Conditions

  1. Ubank is an authorised financial services (FSP No 14740) and credit (NCRCP21) provider.
  2. Your loan application is subject to a credit assessment being completed.
  3. In order for your application to be considered, the following will be required from you:
    1. A green bar-coded identity book/card or South African passport
    2. Latest original Payslip
    3. Proof of physical address (not older than 3 months)
    4. Your banking details and last three months bank statements
    5. Two different contact numbers? One number for you and the other of a relative
    6. List of all your expenses
    7. Written consent from your spouse if you are married in community of property
  4. A credit check will be run in order to confirm your credit profile, affordability, and terms and conditions of the loan.
  5. The loan application serves as a detailed form that enables the applicant to be contacted by a Ubank representative.
  6. Should your loan application be approved and a loan is granted, you will be expected to sign a full loan agreement with all the relevant terms and conditions that are applicable included.
  7. Credit Life Assurance covering death, disability and retrenchment of the borrower is a mandatory requirement.
  8. The borrower has the right to waive a Credit Life assurance policy proposed by the Lender and to substitute the proposed policy with a policy of his/her own choice that meets the Lender’s requirements.
  9. I accept that the onus is on me to source an alternate quote from another insurance provider of my choice, should I choose a different insurer.
  10. All personal financial information requested by the Bank for this agreement will be disclosed by you.
  11. You confirm that:
    1. You are employed at the time of this application.
    2. You are not insolvent.
    3. You are not under debt counselling or under debt review process at the date of this application.
    4. You will disclose all other applications for credit that you have made, whether processed or not.
    5. Entering into this agreement will not cause you to become over indebted as contemplated in the NCA.
    6. You have the legal capacity (and the relevant authority) to apply for credit and to conclude an agreement with us. This means, in the context of this agreement, that the law treats you as competent and qualified to enter into this agreement with us, considering, if you are an individual, factors such as your age, marital status and mental state or, if you are a juristic entity, factors such as the relevant provisions of your founding documents and whether the person who signs this application on your behalf is authorised to do so. For this reason, if you are a juristic entity, or if you are an individual person but are represented by an agent, the person who signs this application on your behalf warrants that he/she is authorised to do so.
  12. Applications submitted when the credit bureau is unavailable cannot be processed.
  13. THE AGREEMENT COVERS CREDIT THAT WE GRANT YOU AS A CONSUMER UNDER THE NATIONAL CREDIT ACT 34 OF 2005 (‘NCA’). THERE WILL ALSO BE A COMBINED QUOTATION AND CREDIT AGREEMENT TO BE READ WITH THIS AGREEMENT.
  14. YOU AGREE TO USE YOUR CREDIT FOR THE PURPOSE STATED IN YOUR APPLICATION. IF YOUR CREDIT IS TO PAY OFF ONE OR MORE DEBTS, YOU AGREE TO PAY OFF THE DEBTS AS SOON AS YOU DRAW YOUR NEW CREDIT FROM US.
  15. UNDER CREDIT REPORTING REQUIREMENTS WE COMMUNICATE TO A CREDIT BUREAU DETAILS OF:
  • YOUR APPLICATION FOR CREDIT; THE PROVISION OF CREDIT TO YOU; ITS TERMINATION; AND
  • ANY FAILURE ON YOUR PART TO COMPLY WITH YOUR OBLIGATIONS UNDER A CREDIT AGREEMENT.
  1. THE CREDIT BUREAU MAINTAINS AND PROVIDES TO OTHERS A CREDIT PROFILE ABOUT YOU AND POSSIBLY A CREDIT SCORE ON YOUR CREDITWORTHINESS.
  2. YOU HAVE THE RIGHT TO CONTACT THE CREDIT BUREAU, TO HAVE YOUR CREDIT RECORD DISCLOSED, AND TO CORRECT ANY INACCURATE INFORMATION.