FAQs


Affordability
How will I know if I can afford the repayments on an African Bank Loan?

The first step in the application process is to provide us with the information we need so that we can calculate your income and expenses. This includes documents such as your pay slip, a bank statement and proof of residence. We will then check your accounts on the credit bureau and the National Loans Register to calculate how much you can afford.

It is important that you give us only correct and up-to-date information. It is also your responsibility to let us know if you cannot afford the repayments before taking a Loan or Credit Card.

Administration
Will I get regular statements?

You can contact us anytime to get a statement, however we will send your statements to you.You will receive as long as your contact information stays the same.

If you believe there is a mistake on your statement please call us on 0861 111 011 so we can look into it.

What if I don’t speak English well. Can I get documents in my language?

Yes, absolutely. Please call us and let us know what language you would prefer and we will make sure you get all documents in your preferred language.

Where will you deliver documents about my Loans, Policies etc.?

Your documents will be sent free of charge to the address you provided in your agreement with us. Unfortunately we don’t cover the cost of delivery to other addresses.

What if I have questions or complaints?

You are most welcome to visit us at your nearest branch or call us on 0861 111 011 if you have questions or complaints and we will gladly assist.

Is my information shared with the credit bureau?

Yes it is. The National Credit Act says that all banks have to report personal information and any credit agreement entered into, cancelled or settled, to a registered credit bureau or the National Credit Regulator.

What happens if I haven’t paid the amounts I owe and am in arrears?

If this happens you need to contact us immediately and we will do our best to try and find a solution for you. Unfortunately if you don’t contact us, or we can’t help you find a solution. We need to give you at least 20 business days’ notice before submitting your information to the credit bureau.

Notice can only be given once, unless you request us to provide you with a copy of the same adverse information intended for the bureau.

Can I see my credit report?

Yes you can. You are welcome to contact any credit bureau and they will give you your credit report. This can be done once a year free of charge.

If you are not satisfied with any details on your report, you can request that an investigation is done.

African Bank Loans
How and when do I get my Loan?

The first step is to apply for a Loan. You have the choice of applying online, over the phone or by visiting your nearest branch.

Once you have applied for a Loan, your information will be reviewed and if the Loan is awarded to you, the Loan amount will be paid directly into your bank account.

How and when do I make Loan repayments?

Your repayment dates are set out on the front page of your agreement.

Your first repayment is due seven days after your Loan is deposited in your bank account. All other instalments are due on the first day of the month.

Repayments can be made by setting up a payroll deduction or a debit or stop order from your bank account.

Or, we can arrange to deduct the money from your bank account monthly on the day you are paid.

See easy ways to pay

What happens if I want to extend the terms of my Loan?

All the information in your letter of agreement will apply to your Loan from the date on which it is extended.

If the extension reduces your monthly repayments, you will still pay interest, fees, insurance premiums and charges for a longer period of time.

African Bank Credit Cards
What happens if my Credit Card application is successful?

We will help you open a Credit Card account and give you a Card. Once your Credit Card is activated, all transactions will be recorded on this account.

How and when do I make Credit Card repayments?

Your first repayment is due seven days after your Credit Card is activated. All other installments are due on the first day of the month.

See easy ways to pay

How do I activate my African Bank Credit Card?

You can activate your Credit Card at any branch countrywide.

Or you can call our Credit Card activation service on 0861 000 444 and follow the voice prompts to create your secret 4-digit pin code.

You will need your South African Identity Document and your Credit Card to confirm certain details in branch or over the phone.

You will be notified via SMS when you can start using your Credit Card, which will be activated within 48 hours.

Who can use my Credit Card?

You need to sign your Credit Card as soon as you receive it. Only you are permitted to use it.

You can’t use it for any transactions that need an embossed Credit Card (e.g. toll roads, parking machines, or telephone or internet transactions), unless expressly authorised by us.

Once a payment has been made, it can’t be stopped unless you request a charge-back.

When can I need to get a new Credit Card?

Your Credit Card is valid for the period specified on the face of your Card. Once that period expires, African Bank will re-issue you a new Credit Card at your nearest branch.

Am I liable for my Credit Card?

As the cardholder, you are responsible for the safekeeping of your pin and Credit Card. You are responsible for any transaction made with your Credit Card, even without your permission. Please l keep your pin secret and separate from your card.

When can I use my Credit Card?

You can use your Credit Card once it has been activated. It will be accepted at all till points and ATMs with the Visa logo.

The maximum amount you can withdraw is R2 000 per day.

Different banks may assign different withdrawal limits for specific ATMs.

If you have any problems using your Credit Card, please call us on 0861 000 555.

Can I change my credit limit?

Yes, you can apply to increase your Credit Card limit, or reduce your limit to a level you are more comfortable with.

How do I get automatic Credit Card limit increases?

If you have chosen to have your Credit Card limit automatically increased, your limit increase will happen once a year on the anniversary your card was issued. your limit was last altered.

What are set-aside or put-on-hold amounts?

If we set aside or put a hold on any amount, the balance in your account will be reduced by the amount set aside. (When does this happen?)

The amount is only an estimate and may not be equal to the actual transaction it covers.

Where applicable, we may set aside or hold such amounts for a period as decided by the relevant Card Association, after which, we need to debit you for the full transaction amount.

Payments
How and when do I make repayments?

Your repayment dates are set out on the front page of your agreement.

Your first repayment is due seven days after your Credit Card is activated, or your Loan is deposited in your bank account.

All other instalments are due on the first day of the month.

See easy ways to pay

Can I pay off my Loan or Credit Card early?

Yes. You can call us for a settlement amount if you want to settle your outstanding balance. Or you can increase your repayment amounts to pay off your Loan or Credit Card quicker. Feel free to call us on and to discuss your options.

Can I make a payment arrangement?

Yes. If you are unable to make your monthly repayment, please call us on 011 207 4500 to make a payment arrangement.

What if I fall into arrears?

Failing to make your repayments can result in default administration fees, and lead to your Credit Card being suspended, or your Loan or credit facility being cancelled, or having legal action taken against you.

What happens if I haven’t paid my amounts owing and am in arrears?

If this happens you need to contact us immediately and we will do our best to try and find a solution for you. Unfortunately if you don’t contact us, or we can’t help you find a solution, we need to give you at least 20 business days’ notice before submitting your information to the credit bureau.

What can I do if I find myself over-indebted?

If you fall behind with payments or that you have way too much debt to cope with, please call us on 011 207 4500.

Unfortunately if you don’t contact us immediately, we will notify you of your default and advise that you refer your issue to a debt counsellor, consumer court or alternative dispute resolution.

For more information on debt consolidation, debt counselling or debt management, contact the National Credit Regulator on 0860 100 406.