For a short loan, compare the exact repayment on the exact due date. A one-month description may not match the number of calendar days in the quote.
What to check
- Issue date
- due date and full amount payable
Use the written quote to separate cash received, scheduled payments and charges outside those payments. Keep a calculation with each quote.
A decision to avoid
Replacing the provider's actual calculation with a simple monthly guess.
A calculation you can check
Illustration only: cash received R2 000; three payments of R750; a separate required charge of R50. Total paid = 3 × R750 + R50 = R2 300. Difference from cash received = R2 300 − R2 000 = R300. This difference is not an annual interest rate. Include the charge only if it is outside the three payments; do not count it twice.
Questions about this decision
What should I check first?
For a short loan, compare the exact repayment on the exact due date. A one-month description may not match the number of calendar days in the quote.
Which information do I need for this decision?
Issue date, due date and full amount payable.
Which mistake should I avoid here?
Replacing the provider's actual calculation with a simple monthly guess.
How do I check issue date?
Locate the actual dated record for Issue date. Compare it with the other records in this checklist; ask the organisation responsible for any unexplained difference.
How do I check due date and full amount payable?
Locate the actual dated record for due date and full amount payable. Compare it with the other records in this checklist; ask the organisation responsible for any unexplained difference.
What should I do if a required detail is missing?
Mark it as unresolved. Ask for that precise detail before choosing; do not substitute an advertised example for your own document.
What is the next practical step?
Use the written quote to separate cash received, scheduled payments and charges outside those payments. Keep a calculation with each quote.
How can I verify the explanation?
Use the documents listed above. Check quoted amounts and dates in the original record; use the official reference links for the organisation’s guidance.
