Accepting a pre-agreement quote
The pre-agreement quote is the document that matters. Under the National Credit Act a credit provider must give you one before you are bound, setting out every cost in a prescribed form — and it must hold that quote open for a defined period so you can take it away and compare it.
What you need to know
The quote must show the principal, the interest rate, the initiation fee, the service fee, any credit life insurance premium, and the total cost of credit as a single figure. That last number is the one to compare between lenders — everything else is an input to it.
You are entitled to take the quote away. A lender that insists you sign immediately is not giving you what the Act requires, and that pressure is itself a reason to walk.
Accepting by one-time PIN is legally binding under the Electronic Communications and Transactions Act. The OTP is a signature, not a formality — read the quote before you enter it, not after.
Keep a copy. You are entitled to the agreement and to statements, and having the original quote is what lets you check that what is being collected matches what you agreed.
Related
Sources and last checked
- National Credit Act 34 of 2005 and its regulations — Government, as at 10 August 2026.
Page last checked 10 August 2026. Statutory caps and lender terms change — confirm anything you intend to rely on with the provider or the National Credit Regulator. Found something wrong? Tell us and we will correct it.