Terms and Conditions

Matrix Financial Services

Clear. Trusted. Responsible Lending.

At Matrix Financial Services, we believe in transparent, responsible lending that puts our customers first. Below is a clear summary of how our loan process works, your rights, and your responsibilities.

Applying for a Loan

• When you apply, we will provide you with a quotation and a pre-agreement statement in line with the  Credit Act (NCA).

• You can only proceed with the loan once you accept these terms.

• Loan applications are available to cardholders whose relationship with us is governed by a separate agreement.

Repayments & Fees

• Monthly repayments must be made on the last working day of each month.

• A Customer Protection Plan fee applies to protect you and your family if unforeseen events prevent repayment.

• If you complete the full 36-month repayment period, the applicable fee will be credited back over your final two months of repayment.

Statements of Account

• You will receive a quarterly statement of account, sent by email or post, based on your preference.

Missed Payments & Default Costs

If a payment is missed, the following may apply:

• Unpaid debit order or cheque fee: R89.25

• Letter of demand fee: from R37.62, depending on your loan amount

Early Settlement

• You may settle your loan at any time without prior notice.

• To do so, you must pay the outstanding loan balance, plus any unpaid interest and fees up to the settlement date.

Your Right to Cancel

• You may cancel your loan agreement by paying the full outstanding amount.

• You may request a settlement figure, which we will provide by phone, email, or fax.

Communication & Legal Notices

• We will use the address provided in your application for official communication.

• You may change your address by notifying us in writing.

• Legal notices will be sent to the physical address listed on your application.

Credit Bureau Information

By applying, you agree that:

• We may share your application and account information with registered credit bureaus.

• We may verify your details with other credit providers and third parties.

• Missed payments or defaults may be reported to credit bureaus.

• You have the right to access your credit profile and request corrections.

Your Rights as a Consumer

You have the right to:

• Receive a loan as agreed in your quotation.

• Apply for debt counselling if you become over-indebted.

Your Responsibilities

You agree to:

• Repay your loan and all agreed fees on time.

• Ensure payments are correctly allocated if you have more than one agreement with us.

• Pay interest on overdue amounts, calculated at 5.75% above the prime lending rate.

• Ask for clarification if you do not understand any part of your agreement—we will explain it in a language you understand.

Breach & Legal Action

• If payments are missed, additional interest and legal costs may apply.

• Legal action will only begin after the required notices and time periods set out by law.

• If the agreement ends, any outstanding amounts become immediately payable.

• We may appoint a tracing agent if we are unable to contact you.

Debt Review Process

• You may apply for debt review before legal action starts.

• A debt counsellor will assess your financial position and may recommend a repayment plan.

• If agreed, this plan may be made an official court order.

Transfer of Rights (Cession)

• Matrix Financial Services may transfer your debt to another party if required.

• You may not transfer your rights or obligations without our written consent.

Final Notes

• This agreement represents the full understanding between you and Matrix Financial Services.

• Any changes must be agreed to in writing.

• If you are applying on behalf of a business, you confirm you are authorised and accept responsibility for repayment.