Compare the same amount and payment dates where possible. When terms differ, show the total cost and cash-flow effect separately.
What to check
- Cash received
- all payments and the final payment date
Ask for the amount actually paid out, every required payment and its due date. Put two quotes on the same basis before choosing.
A decision to avoid
Comparing only headline interest rates for loans with different fees and terms.
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?
Compare the same amount and payment dates where possible. When terms differ, show the total cost and cash-flow effect separately.
Which information do I need for this decision?
Cash received, all payments and the final payment date.
Which mistake should I avoid here?
Comparing only headline interest rates for loans with different fees and terms.
How do I check cash received?
Locate the actual dated record for Cash received. Compare it with the other records in this checklist; ask the organisation responsible for any unexplained difference.
How do I check all payments and the final payment date?
Locate the actual dated record for all payments and the final payment date. 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?
Ask for the amount actually paid out, every required payment and its due date. Put two quotes on the same basis before choosing.
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.
