Takealot credit

[IamMe18]

Takealot now offers credit purchase through Mobicred. It seems to be very affordable, cash price of a phone being R2499 and paying a total of R2796 after 12 months on credit.

 

[Avenue]

Thats good to know

 

[biometrics]

11.9% not bad

 

[biometrics]

Beware, quoted rate excludes fees:

Mobicred is a simple and convenient online credit facility that allows you to shop on takealot.com and repay the amount in monthly instalments. Interest is charged at 21% per year.*Please note the annual interest rate may change.
As a revolving credit facility, Mobicred repayments are calculated as 10% of the account balance plus fees. These fees will be confirmed with you by Mobicred on opening your Mobicred account and could entail the following:

Monthly service fee of R35.00 (ex VAT)Once off account initiation fee ranging from R100-R500 (ex VAT), depending on the facility granted.

Please note:*The monthly payment amount displayed is indicative only and based on 12 monthly instalments*excluding*any Mobicred fees.

 

[IamMe18]

Beware, quoted rate excludes fees:

Mobicred is a simple and convenient online credit facility that allows you to shop on takealot.com and repay the amount in monthly instalments. Interest is charged at 21% per year.*Please note the annual interest rate may change.
As a revolving credit facility, Mobicred repayments are calculated as 10% of the account balance plus fees. These fees will be confirmed with you by Mobicred on opening your Mobicred account and could entail the following:

Monthly service fee of R35.00 (ex VAT)Once off account initiation fee ranging from R100-R500 (ex VAT), depending on the facility granted.

Please note:*The monthly payment amount displayed is indicative only and based on 12 monthly instalments*excluding*any Mobicred fees.

I guess it was too good to be true.

 

[NeonNinja]

I guess it was too good to be true.

R35 extra p/m is stil ok.

 

[biometrics]

R35 extra p/m is stil ok.

And a R100 - R500 initiation fee.

And add VAT.

So depends on the price of the items. More expensive makes the fees less in %.

 

[Tinuva]

I don't know, this seems super bad for the customer, very good for mobicred who will be raining in the fees they charge the customers.

Not to mention....21% interest rate? wtf. Rather use my credit card before I would even consider mobicred. Ripoff off the year product offering.

 

[Fulcrum29]

I can already predict how people will stream to HelloPeter to complain about the monthly instalments and other additional charges to Takealot. Later you will see people complain about debt collection… This when Takealot enabled it as a purchase option.

 

[cr@zydude]

Beware, quoted rate excludes fees:

Mobicred is a simple and convenient online credit facility that allows you to shop on takealot.com and repay the amount in monthly instalments. Interest is charged at 21% per year.*Please note the annual interest rate may change.
As a revolving credit facility, Mobicred repayments are calculated as 10% of the account balance plus fees. These fees will be confirmed with you by Mobicred on opening your Mobicred account and could entail the following:

Monthly service fee of R35.00 (ex VAT)Once off account initiation fee ranging from R100-R500 (ex VAT), depending on the facility granted.

Please note:*The monthly payment amount displayed is indicative only and based on 12 monthly instalments*excluding*any Mobicred fees.

Hopefully no one gets caught, but furniture stores have been pulling this crap for decades.

Also, why is this in android section?

 

[Dread789]

No thanks!

 

[airborne]

Aren't credit providers obligate to show the full cost of the credit upfront these days?
I thought that law was enacted to prevent them tricking people as these companies are wont to do