Bettergroup

Living up-to our promise of getting you ahead, a new financing structure will take effect on 17 June 2011. The new finance structure will bring several advantages to you. The agreement is more competitive, completely transparent and fully complies with the National Credit Act.

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Interest

The interest rate is a variable rate linked to the Reserve Bank's Repo rate. It is currently R0.88 per R1,000 per day and can also be quoted as 0.088% per day, 2.7% per month or 33.2% per annum. Interest is calculated on a daily basis, but capitalised monthly. 

A 0.140% daily rate applies for all legal entities requiring an advance equal to or greater than R250 000. 

Initiation

The initiation fee is 2.0% of the loan amount with a minimum of R150 plus VAT and a maximum of R1,000 plus VAT.

For legal entities, no initiation fees are applicable.

Service

R50, charged monthly in arrears.

For legal entities, no service fees are applicable.