Personal loan FAQs
FICA stands for Financial Intelligence Centre Act. FICA is legislation that was introduced to fight financial crime, such as money laundering, tax evasion, and terrorist financing activities. FICA brings South Africa in line with similar legislation in other countries designed to reveal the movement of monies derived from unlawful activities and thereby curbing money laundering and other criminal activities. FICA legislation creates four money laundering control obligations for all accountable institutions such as Bayport as follows:
- Duty to identify and verify clients;
- Duty to keep records of business relationships and transactions;
- Reporting duties and obligations to give and allow access to information;
- Adoption of measures designed to promote compliance by accountable institutions.
Only the following documents will be accepted as valid document showing proof of residential address, the proof address is required to be less than three months old:
- Utility bill in your name (e.g. water, electricity, rates and taxes)
- Utility bill in your name and showing the legal description of the property (erf number)
- Municipal rates and taxes account
- Mortgage statement from a bank or other recognised lending institution
- Rent/ lease agreement
- Landline (e.g. Telkom) or Cellular phone account
- Official SARS documentation
- IRP5 issued by an Employer
- IT3(b) issued by an institution such as a bank or financial services provider
- Policy document, statement or valuation from another long-term insurance company
- Client statement issued by a linked investment services provider in terms of the Stock Exchanges Control Act and the FAIS Act
- Member’s statement issued in terms of the Collective Investment Schemes Control Act
- Correspondence from a body corporate or share-block association
- Television license
- Retail account reflecting National Credit Act (NCA) or Financial Services Provider (FSP) license
- Motor vehicle or motorcycle license
- Short-term insurance documents showing the risk address
Should the client not have proof of address in their name, they may provide an affidavit with a declaration by a third party confirming that they share an address with them and provide the third party’s proof of ID and proof of address (less than three months old).
- Last 3 Months Bank Statements, it must be stamped by your bank
- Most Recent Payslip
- Clear copy of your ID document
- Proof of residence (not more than three months old)
You need to have been permanently employed by your current employee for the last six months at a minimum
- We need to ensure that you can afford your loan repayments, if you qualify for a loan.
- If you do not disclose your income truthfully when applying online then this will delay the time taken to qualify for a loan and this may impact on your ability to qualify for a loan
Your security and the protection of your personal information is very important to us, and we want to make sure that you take all the necessary precautions when communicating with us on Facebook or applying for a loan online.
We’ve outlined steps you can take to protect yourself and your private information on Facebook and the secure ways to apply for a loan with Bayport.
- Have your details ready as you will be required to perform a security verification check
- Call 087 287 4000
- Complete a verification check
- Nominate an address to receive the statement
- Allow up to 4 days for completed application forms to be responded to
Email [email protected] to request an settlement application form.
Scan and email the following:
- Certified ID copies
- Completed settlement request form.
- Alternatively you may Fax the completed form as well as certified copies of our ID to: 086 634 8360.
please forward a copy of your Proof of residence which is not older than 3 months old reflecting your new address
please forward a statement for the new account, reflecting the new banking details and your full name.
** NOTE we can only change the debit order date if we are informed a minimum of 15 days before your next debit date.
Change of Employer:
If you change jobs during the course of your loan repayment period, please send us a letter from your new employer confirming the following:
- Your salary payment date.
- The date you started your new job.
- Instalment in respect of amount financed
- Interest on value of outstanding loan
- Credit Life Insurance Premium
- Monthly Service Fee
- And any other optional items if applicable will be added to the total instalment value.
- A copy of your ID
- Your bank details
- The reason for your refund request
Send this information to [email protected] If you don’t have email, go to your nearest branch for help. A consultant will send your request to the Bayport Support Office on your behalf. You can also call our Client Service Call Centre on 087 287 4000.