Loan Rules

These Loan Rules should be read together with the Loan Contract signed by a borrower when taking a loan.

In this document ‘Borrower’ means you being the individual borrowing money from Unity, and ‘Unity’ means Unity Finance Limited, registration number 120140125844 also referred to as the Lender.

Loan conditions

By entering into a loan contract with Unity, the borrower declares that:

  • Personal details provided are correct and may be verified by Unity;
  • Repayment details in the loan schedule are the same as those explained prior to signing.

Loans from Unity must be serviced by the agreed date. Failure to service loans shall lead to the following:

  • Arrears interest charges
  • Bank direct debits
  • Delinquency listing on credit reference bureau
  • Legal action
  • Any fees arising from the above will be for the account of the borrower

Credit Reference Bureau

Unity has the right to refer information to the credit reference bureau whether positive or negative.

Unity Finance cannot be held responsible for any consequences from submitting borrower information to bureau.

Payroll collections

In case of payroll loans, the borrower agrees that all instalments due on loans granted will be deducted from salary and remitted to Unity.

Should employment terminate, the borrower authorises his/her employer to deduct the balance then outstanding and due to Unity from his/her final salary payment, leave or bonus pay, and/or from pension or provident benefits.

Bank direct debits

The borrower gives Unity the authority to draw against his/her bank account (or any other bank to which the borrower may transfer his/her account), all instalments due to Unity on any loan granted to the borrower, or any amount that may be in arrear in respect of such loan/s.

In the event of there being insufficient funds available when a deduction is requested from the borrowers account, the borrower agrees that, Unity Finance may collect the due amounts in partial instalments.

The borrower will be responsible for any bank charges caused by insufficient funds on bank direct debits.

Loan Extension

If a loan is rescheduled due to over-commitment, additional fees and interest shall apply.

Early Settlement

This loan may be settled prior to the date of its final instalment, subject to an early settlement fee equal.

Change in Client Details

It is the responsibility of the borrower to inform Unity of any change in personal details.

Change in Employment

Loan facilities with Unity remain in place regardless of the borrower’s employment status.

In case of retrenchment or redundancy, the borrower may claim insurance from Unity which, if successful, will cover the outstanding balance and include a benefit pay out.