📄 Loan Application and Approval Policy

Eligibility Criteria:

• Must be a South African citizen or legal resident.

• Must be 18 years or older.

• Applicants must be a student or an employed/entrepreneurial individual with a source of income.

• Valid South African ID, proof of address, and bank account are required.

• Credit score checks may be conducted depending on the loan amount and risk level.

Application Process:

1. Apply via the SmartD App by completing the online loan application form.

2. Upload supporting documents: ID, proof of income/student status, and bank details.

3. Applications are reviewed by our automated system and verified manually if necessary.

4. Loan decision (approval or rejection) is made within 24 to 72 hours.

5. Approved funds are disbursed directly to the provided bank account.

Loan Terms:

• Maximum Loan Amount: ZAR 500 (entry-level for students; higher tiers to be added).

• Interest Rate: Up to 50% (based on the loan amount and repayment term).

• Repayment Term: Typically 30 days.

Decision Transparency:
Loan decisions are based on affordability, creditworthiness, and verification of submitted documents. Applicants are notified via SMS/email and app notifications.

💰 Interest Rate and Fee Policy

Interest Rate Determination:
Interest rates are set based on:

• Loan amount and term

• Borrower's repayment history (if returning client)

• Risk profile and internal scoring

Fees and Charges:

• Interest: Up to 50% of the principal loan amount

• Application Charge: Fixed or percentage-based depending on the loan

• Late Payment Fee: ZAR 20 + 5% of outstanding balance after 3-day grace period

• No prepayment penalties for early repayment

Example:
Borrow ZAR 400 for 30 days
Interest = 50% → ZAR 200
Total Repayment = ZAR 600

SmartDLoan ensures full disclosure of all charges before you confirm your loan.

🔐 Privacy and Data Security Policy

Data Collection & Usage:

• We collect only necessary information: name, contact details, ID, bank info, proof of income/study.

• Data is used strictly for loan application, assessment, and repayment purposes.

Data Protection:

• End-to-end encryption of all stored and transmitted data.

• Regular security audits and access controls.

• Compliance with POPIA (Protection of Personal Information Act) and global best practices.

Data Rights:

• Users can request access, update, or deletion of their data at any time via the SmartD app or email.

No data is shared or sold to third parties without user consent, unless legally required.

💳 Repayment and Default Policy

Repayment Methods:

• Manual payments via EFT or mobile banking.

• Future rollout of automatic debit orders or app-based payment links.

Repayment Terms:

• Single installment due 30 days after loan disbursement.

• Reminder notifications sent via SMS and in-app alerts.

Missed or Late Payments:

• 3-day grace period after due date.

• After that, late fee of ZAR 20 + 5% of balance.

• Continued failure to repay may result in:

  • Suspension of future loan access

  • Collections process or legal steps

  • Reporting to credit bureaus (for high-value defaulters)

🤝 Customer Service and Complaint Resolution Policy

Support Channels:

• Email: support@smartdza.com

• Phone: +27 71 566 4737

• In-App Chat Support (coming soon)

Customer Support Hours:
Monday to Friday, 09:00 – 17:00

Complaint Handling Process:

1. Submit your complaint via email or call.

2. You’ll receive acknowledgment within 24 hours.

3. Investigation and resolution within 5 working days.

4. If not resolved, escalate to a supervisor or senior agent.

Commitment:
SmartDLoan is committed to fair treatment, timely responses, and professional handling of all client concerns.