Terms and Conditions

📋 Important Notice

These Terms and Conditions constitute a legally binding agreement. By using e-skoloto, you agree to these terms. Minimum age: 18 years.

1. About e-skoloto

2. Services

• Free: AI financial analysis, budgeting, shopping assistant
• Loans: R100-R1,000, 1-2 months (subject to NCR approval)

3. Loan Terms (NCA Compliant)

• Interest: 2% per month (24% p.a.)
• Initiation Fee: 10% (max R100)
• Service Fee: R10/month
• Instant Disbursement: R10 (optional, via Stitch)
• Late Payment: Stitch payment processing fees apply
• Early Repayment: No penalty

4. Eligibility

• ✅ SA citizen/resident, 18+ years
• ✅ Valid ID and bank account
• ✅ Min income R2,000/month
• ✅ 3 months bank statements for affordability

Note: We assess affordability using your bank statements. All applicants welcome.

5. Application Process

1. Create account with valid information
2. Upload ID and bank statements
3. AI affordability assessment (60 seconds)
4. Review and accept loan agreement
5. Choose disbursement: Standard (24 hours) or Instant (+R10)

Disbursement Options:

• Standard: Free, funds within 24 hours
• Instant: R10 fee, funds within minutes via Stitch

We will NOT lend if unaffordable.

6. NCA Rights

Pre-Agreement Statement

You receive full disclosure of loan amount, interest, fees, and repayment terms before signing.

5-Day Cooling-Off Period

You may cancel within 5 business days without penalty. Contact services@townishmart.co.za or WhatsApp +27 67 224 0565 (messages only)

7. Repayment

• Method: Debit order via Stitch or manual transfer
• Due Date: Same day each month as disbursement
• Early Repayment: Allowed, no penalty
• Late Payment: Stitch payment processing fees apply

Financial Difficulty? Contact us immediately for payment plans.

8. Default

Default occurs if payment is 20+ business days overdue. Consequences:

• Full balance due immediately
• Account suspension
• Legal action and collection costs
• Future credit bureau reporting (when implemented)

9. Credit Bureaus

Future Implementation: We plan to report to credit bureaus (TransUnion, Experian, Compuscan, XDS) to help you build credit history.

You will be notified before credit reporting begins.

10. User Obligations

You must:

• Provide accurate information
• Maintain account security
• Notify us of unauthorized access

Prohibited:

• ❌ False information
• ❌ Multiple accounts
• ❌ System manipulation
• ❌ Illegal use

11. AI Technology

We use Google Gemini AI for analysis and recommendations.

Disclaimers:

• ⚠️ AI advice is informational only
• ⚠️ Not professional financial advice
• ⚠️ May contain errors
• ⚠️ Shopping prices are estimates only
• ⚠️ Verify all information independently

12. Intellectual Property

All content owned by Townishmart (Pty) Ltd. You may NOT copy, modify, or distribute without permission.

13. Limitation of Liability

We are NOT liable for:

• Indirect or consequential damages
• Loss of profits or data
• Service interruptions
• Third-party services
• AI recommendation reliance

Maximum liability: Fees paid in last 12 months

14. Indemnification

You indemnify us from claims arising from your breach of terms, law violations, or false information.

15. Privacy

See our Privacy Policy for POPIA, FICA, and NCA compliance details.

16. Governing Law

South African law applies: NCA, Consumer Protection Act, ECTA

Jurisdiction: Gauteng High Court, Johannesburg

17. Dispute Resolution

Step 1: Contact Us

Email: services@townishmart.co.za

WhatsApp (Messages Only - No Calls): +27 67 224 0565

Response: 5 business days | Resolution: 30 days

Step 2: External Bodies

18. Force Majeure

Not liable for failures due to: natural disasters, war, government actions, internet failures, pandemics, strikes.

19. Changes to Terms

We may update terms with 30 days notice via email. Continued use = acceptance. Existing loans unaffected.

20. Contact

21. Acknowledgment

By using e-skoloto, you acknowledge:

• ✅ Read and understood these terms
• ✅ Agree to be bound by terms
• ✅ Meet eligibility requirements
• ✅ Understand loan costs and obligations
• ✅ Consent to credit bureau checks
• ✅ Understand NCA rights