Terms and conditions




In this Agreement the following words have the meanings as set out in this definition clause.

  1. “Act” means the National Credit Act 34 of 2005, as amended from time to time.
  2. “Agreement” or “Credit Agreement” means, as determined by the context:
    • These terms and conditions, which shall govern each and every loan agreement with the Credit Provider, applied for and obtained under your Profile; alternatively
    • Any individual Credit Agreement with the Credit Provider, applied for and obtained under your Profile, which shall include these Terms and Conditions and the Quotation attached to that Agreement.
  3. “Interest rate” is the fixed interest rate you must pay on any amount of the Principal Debt that you still owe (the outstanding balance) in terms of the Agreement.
  4. “Business” means the going concern which is owned and operated by you for which a Profile will be opened and which is duly licensed in terms of the Liquor Act 59 of 2003 to sell liquor products as defined in that Act.
  5. “Credit Provider” is Premier Credit (Pty) Ltd, company registration number 2018/552761/07 an authorised financial services provider and registered credit provider with NCR registration number 12279. Its chosen address for legal documents is 26 Stirrup Lane, Woodmead, Sandton, 2191,South Africa.
  6. “Distributor” means the Wholesaler or Supplier which supplies the goods as contemplated in item 2.1.
  7. “Goods” means goods as contemplated in item 2.1 sold by the Distributor from time to time in
    terms of individual purchase orders, pursuant to this agreement;
  8. “Loan amount” is any loan amount to you in terms of the Agreement, excluding any deductions that you have consented which the Credit Provider has deducted before making a payment to the specified Distributor.
  9. “Principal Debt” is the amount on which interest is calculated. It includes the loan amount paid out to you in terms of the Agreement, PLUS interest and any other fees and costs which will be added as allowed for in the Act when they become due, LESS repayments that you make as and when you make them.
  10. “Profile” means all of the information supplied by you to the credit provider, for use in your initial as well as subsequent application(s) for credit, updated from time to time as required by the credit provider and which you undertake to maintain and keep up to date by informing the credit provider in the event of any changes thereto.
  11. Quotation means the pre-agreement statement and quotation provided in terms of the Act that sets out the cost of credit, and other information required in terms of the Act.
  12. “Total Cost of Credit” means Loan amount, all fees, interest that will apply to the Agreement,charged in terms of the Act.
  13. Us or We shall refer to the Credit Provider, as defined above;
  • You are required to open for your Business a Profile with the credit provider and to supply all of the information required in terms of applicable law and the Credit Provider’s business practice and you undertake to maintain the Business’ Profile by ensuring that all of the information therein remains accurate by informing the credit provider in writing of any changes thereto.
  • The information will be used in your initial as well as subsequent applications for credit made within the period determined by the Act and the credit provider’s business practice, and you will not be able to apply for subsequent credit unless your profile is properly maintained and up to date.
  • The credit provider will also, periodically as required by the Act, send you correspondence to your chosen domicilium address to request updated information and documents in order to maintain your profile.
  • You specifically acknowledge that your credit repayment history is integral to your profile and consent to the Credit Provider accessing this information from any credit bureau.
  • You specifically acknowledge that the Credit Provider will rely on this information and any false information supplied by you or a failure to inform the credit provider of any changes thereto will constitute a material breach of this Agreement.
  • You may not open more than 1 (one) Profile per Business and per person and any duplication of Profiles will constitute criminal fraud and a material breach of this agreement.
The purpose of this Agreement is the provision of developmental credit, as defined by the Act, to a small business which credit is to be used solely for stock in trade for your Business (“Goods”) which shall be limited to:
  • Liquor products, as defined in section 1 of the Liquor Products Act 60 of 1989 or non-alcoholic beverages solely for the purposes of resale by your Business and such other products as the credit provider may authorise in writing from time to time; and
  • Procured solely from the Distributor as specified / specified in this agreement.
  1. You must keep the information in your profile up to date and accurate in accordance with clause 1 of this agreement.
  2. You must, together with your application for credit, place a Purchase Order for Goods with us and the Distributor which is accurate and contains only Goods which are intended, and reasonably and lawfully capable, of resale by your Business .
  3. Upon the approval of your Loan Amount you must:
    • Personally inspect the Goods and ensure that the correct products in the correct quantities have been supplied by the Distributor; and
    • Confirm the correctness of the delivery by signing the Distributor’s delivery note which will serve as proof of delivery and furnished; and
    • Accept the delivery from the Distributor in the manner as agreed and arranged from time to time.
  4. You must honour and adhere to the agreed repayment period and installments as set out in the Quotation and no failure, whether by you or by the Distributor, in respect of the full and proper delivery of the Goods shall constitute grounds to withhold payment of any amount due under any Credit Agreement.
  1. We will assume liability for, and honour, the purchase price of the Goods specified in a Purchase Order, provided that:
    1. You have applied for and been granted credit in terms of a Credit Agreement; and
    2. The total value of the Goods specified in Purchase Order does not exceed the preassessed and approved Loan Amount of such Credit Agreement;
  • The risk in and to the Goods shall pass to you, from the Distributor, upon acceptance of delivery in the manner as agreed and arranged from time to time.
  • The loss or destruction of the Goods, arising from any cause whatsoever, shall not release you from your obligations under this agreement.
  1. You shall pay to the Credit Provider on or before the due date:
    • The installments stipulated in the Quotation to, or recalculated in terms of, this Agreement; and
    • All other amounts that are payable, or become payable, in terms of this Agreement.
  2. 6.2. Your payments will be used to reduce your obligations in the following order:
    • Firstly, against due or unpaid interest,
    • Secondly, against due or unpaid fees or charges:
    • Thirdly, against the amount of the capital amount.
  3. You may not deduct any amount from your payment.
  4. The agreement to make payment by means of debit order will not absolve you from ensuring that payment is received by the Credit Provider. Payment will only be effected when the funds are actually received in the bank account of the Credit Provider.
  5. You agree that notwithstanding the provisions of Clause 11 or any other, the Principal Debt, as recorded in this Agreement will vary where:
    • The Credit Provider pays any amount which may legally form part of the Principal Debt or the Credit Provider pays any other amount on your behalf as envisaged here; or
    • The installments are recalculated as a result of you falling into arrears with the installments.
  1. It is specifically recorded, and you acknowledge and agree, that:
    • Your Business Profile is not a revolving (or similar) credit facility; and
    • Each and every Credit Agreement applied for and obtained under, and using the information contained in, your profile shall constitute a separate and discrete loan agreement; and
    • You may apply for subsequent Credit Agreements under your Business Profile only if, and on the condition that, you have satisfied, and discharged in whole, all of your obligations under any preceding Credit Agreement under your Business Profile.
  2. Whenever you apply for subsequent credit under your Profile within a 3 (three) month period of the previous Credit Agreement, you will be required to confirm:
    • That there have been no material and adverse changes to your existing financial means, prospects, and obligations, including a reduction of your regular income or an increase in your obligated expenditure;
    • That there have been no material and adverse changes to the commercial prospects and profitability of your Business; and
    • Whether you have entered into any other credit agreements with other credit providers which would affect your ability to satisfy your obligations under a proposed Credit Agreement with us.
  • You acknowledge that interest on the Principal Debt will be charged at a variable rate as disclosed on the Quotation and based on the repo rate as published by the South African Reserve Bank from time to time.
  1. You will be in breach/default of this Agreement if:
    • You fail to pay any amount or any sum as it becomes due, owing and payable in terms of the Agreement;
    • You do or allow anything that could harm the Credit Provider’s rights or cause any loss under the Agreement;
    • You fail to comply with any other of the provisions of this Agreement, all of which you agree are material;
    • You allow any judgement taken against you to remain unpaid for more than 7 (seven) business days; or
    • You supply, or have supplied, the Credit Provider with any information which is false, or untrue, or make, or have made, any false or untrue statement or representation to the Credit Provider in concluding this Agreement.
  2. Upon the occurrence of any of the abovementioned events, we shall be entitled, at our election and without prejudice to claim the entire outstanding balance of all monies owing to us under this agreement, which shall immediately become due, owing and payable, plus any default costs that apply in terms of relevant law;
  3. If any payment is late, you must pay extra interest on the arrears which shall be charged at the interest rate in the Quotation.
  4. When you are in default, you will be liable for default administration charges and collection costs in terms of the Supreme Court Act 59 of 1959 or the Magistrate’s Courts Act 32 of 1944 and/or the Debt Collectors Act 114 of 1998 and/or the Attorneys Act 53 of 1979, whichever may be applicable, which will include legal fees on the attorney and own client scale.
  5. If we sell the Goods pursuant to an attachment order or you surrender the Goods to us, and the net proceeds are insufficient to settle all your obligations under the Agreement, we may approach the court for an order enforcing any of your remaining obligations under this Agreement
  1. You must pay the following costs of credit:
    • Interest at the interest rate set out in the Quotation, which is calculated daily and added to the Principal Debt every day on your chosen payment date.
    • Initiation fee for the costs of preparing a new Credit Agreement, which you may:
      • Pay upfront and send proof before pay-out of the loan amount; or
      • Deduct from the Loan Amount dispersed to you; or
      • Include in the Principal Debt on which interest will be charged.
  2. Service fee which is a monthly fee for routine management and administration of your account. If you enter into the Agreement during the month, a pro rata fee (just the relevant portion) for that calendar month will apply. The monthly fee will be added to the Principal Debt. The service fees charged will never exceed the maximum fee in terms of the Act (which fee may be amended from time to time if the Act is amended). You will receive at least 5 (five) business days’ written notice if this fee increases.
  3. Bank charges and fees for which we are liable
  4. Default administration and collections costs when you do not pay any amount due on time or do not comply with any of the other terms or conditions of this Agreement. Default and collections costs include any administration, legal and/ or collection costs and commissions that a debt collection company or attorneys may charge in terms of relevant laws, on the attorney and own client basis.
  • You may settle this Agreement in full at any time, with or without notice, by paying the settlement value owed to us. In such event, the settlement value will be calculated as follows:
    1. The unpaid balance of the Principal Debt; and
    2. The unpaid interest, all other fees and charges payable by you to us until the settlement date; and
    3. An early termination charge which may be prescribed from time to time, or if no charge has been prescribed, a charge equal to no more than the interest that would have been payable under the Agreement for a period equal to the difference between 3 (three) months and the period of the notice of settlement if any, that was given by you.
  1. You specifically agree that the Credit Provider may transfer any of its rights and responsibilities under the Agreement, with or without further notice to you, including the right to collect the amounts due by you as agreed in terms of the debit order authorisation.You must continue to fulfill your responsibilities as set out in the Agreement to the person to whom the rights and responsibilities have been transferred.
  1. You agree that the post/email address that you provided on the Quotation/Cost of Credit is the address where we must send all post and other communication to you and that such communications will be binding on you.
  2. You agree that the physical address that you have provided on the Quotation/Cost of Credit is the address that you have selected as the address where we must send all legal notices to you.
  3. You must let us know, in writing, by hand or registered mail with proof of delivery, of any change to your physical and/or email and/or postal addresses, or telephone or cellular phone numbers. If you fail to give us such written notice of any change of address, then you acknowledge that we must use the last known address we have for you and that it shall be deemed that you received any communication or legal notice so sent to you.
  1. You warrant that:
    • Your Business is duly licensed, in terms of the Liquor Act 59 of 2003 to sell liquor products as defined in that Act to the public; and
    • You will at all times conduct the Business in accordance with your liquor licence and the relevant laws of the Republic of South Africa.
  2. You indemnify and hold harmless the Credit Provider, its directors, employees, and agents for any harm, damage or loss
  1. Your loan will be repaid by debit order and you must provide your banking details in 'Section 2 – Application' and you must specifically agree to the following Debit Order Authorisation.
  2. You hereby instruct and authorise Premier Credit (Pty) Ltd, or its cessions or assigns or successors in title as follows:
    • 15.2.1. You hereby instruct and authorise the Credit Provider to draw against your account with the bank which you set out in the Quotation (or any other bank or branch to which you may transfer your account) the sum as set out in the Quotation on the dates as set out in the Quotation and to continue to do so until all amounts owing have been repaid in full, or until cancelled by you in writing;
    • All such withdrawals done in terms of this authorisation will be processed through a computerised system provided by the South African Banks and you also acknowledge and understand that details of each and every withdrawal will be printed on your bank statement or on an accompanying voucher;
    • You agree and consent to paying any and all bank charges relating to/arising from this debit order instruction;
    • This authorisation may be cancelled by you by giving Credit Provider thirty days’ notice in writing, which must be sent by prepaid registered post;
    • You understand and acknowledge that you shall not be entitled to any refund of amounts which the Credit Provider has withdrawn while this authorisation was in force if such amounts were legally owing by you.
    • If there are insufficient funds in your bank account to meet the debit order obligations, then the Credit Provider may re-present the instruction for payment without notification to you as soon as sufficient funds are available in your bank account;
    • If your debit order is cancelled because three debit orders in a row have failed,the Credit Provider may put your debit order in place again if it chooses to do so;
    • If you change your bank account details, the Credit Provider may apply those bank account changes to any other agreement you have with the Credit Provider; and
    • If the Credit Provider becomes aware that your salary/income date is different to what you specified in your application, or has changed since, the debit order mandate may be amended to be in line with that date.
    • You acknowledge and consent that the credit provider may outsource or instruct any third party to execute this debit order authorisation on its behalf and this authorisation will be sufficient for the execution of that instruction.
    • If you choose to repay the loan by any method other than a debit order and if you are in breach of the terms and conditions of the agreement as provided for in clause 7 of the General Terms and Conditions, then you authorise the Credit Provider to debit your bank account accordingly for the amount outstanding and any future monthly installments due.
  1. If we do not strictly enforce the terms and conditions of this Agreement at any time, you may not assume that the terms and conditions have been waived or altered by us. These terms and conditions will still apply and we will have the right to enforce the terms and conditions at any time.
  2. No changes or cancellations to this Agreement will be valid, nor of any force and effect, unless such changes are in writing and signed by both parties, including this clause.
  3. We may provide a certificate from any of our managers, whose position it will not be necessary to prove, showing the amount that you owe to us. You agree that we may take any judgment or order that we are entitled to in law based on the amount contained in the certificate, unless you disagree with such amount and are able to satisfy the court that the amount in the certificate is incorrect, the burden/onus of which shall rest on you.
  4. In terms of Section 45 of the Magistrate’s Court Act 32 of 1944 and at our option, any claim that may arise may be recovered in any magistrate’s court having jurisdiction and you hereby consent to the jurisdiction of the Magistrates’ Court.