Personal loan FAQs

What is FICA?

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.
What does Bayport accept as proof of residence?
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 you not have proof of address in your name, you may provide an affidavit with a declaration by a third party (the person that you reside with or the owner of the property that you reside at) confirming that you share an address with them or reside at that specific address. You must also provide the third party’s proof of ID and proof of address (less than three months old).

What supporting documents are needed when applying for a loan with Bayport?
You will need the following documents when applying for a Bayport loan:
  1. Your last 3 months bank statements (it must be stamped by your bank)
  2. Your most recent payslip
  3. A clear copy of your ID document
  4. Your proof of residence (it must not be more than three months old))
How long do I need to be employed to apply for a Bayport Loan?

You need to be permanently employed by your current employer for the last six months at a minimum

Why do you ask for my income details when I apply for a Bayport loan?

We use this information for our affordability assessment and 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, this will delay the time taken to conduct your affordability assessment and this may impact your ability to qualify for a loan.

How do I protect my personal information online?

Your security and the protection of your personal information is very important to us. We want to make sure that you take all the necessary precautions when communicating with us on any of our digital platforms or applying for a loan online.

How do I request my settlement statement?

You can request your settlement statement via telephone or email.


When making a request via telephone, we ask that you have your details ready as you will need to perform a security verification check. Simply:

  1. Call 087 287 4000
  2. Complete a security verification check
  3. Give us the address that you would like to receive your statement at
  4. After you have submitted your application forms, please allow up to 4 days for us to respond to you


You can request your settlement statement by:

  • Emailing [email protected] to request a settlement application form
  • You will need to complete the settlement request form and email it back to us with certified copies of your ID
  • Alternatively, you may fax the completed form as well as certified copies of our ID to 086 634 8360
How do I update my personal details?

Residential details:

Please send us a copy of your proof of residence reflecting your new address which is not older than 3 months old

Banking Details:

Please send us a statement for the new bank account, reflecting the new banking details and your full name. Please note that 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 your salary payment date and the date you started your new job

Please email copies of the required documents to [email protected] or you may fax them to 086 638 1878.
What is credit insurance?
Credit insurance is a policy taken up on inception of a Bayport personal loan and is meant to cover the outstanding personal loan value in the event of your death, retrenchment or permanent disability. You have the option of arranging your own insurance policy that will cover you in these events. If you choose to arrange your own insurance policy, proof of the insurance needs to be submitted to Bayport within 30 days of your loan account inception. Terms and conditions apply.

The minimum requirements for an alternate credit insurance policy are that the policy either:

  • Provide the same benefits as the Bayport Credit Insurance, or at least;
  • Provide the minimum prescribed benefits in line with the Credit Life Insurance Regulations, i.e. provide for the settlement the outstanding balance in the event of Death or Permanent Disability and in the event of Temporary Disability and Retrenchment, the policy must pay the consumer’s loan instalments payable to Bayport for a period of up to 12 months, or the remaining period of the consumer’s Credit Agreement, or until recovery (in case of Temporary Disability claim) /until the consumer you finds employment or can earn an income (in case of the Retrenchment) (whichever occurs first).
Is Credit Insurance compulsory?
Credit insurance is compulsory on all Bayport personal loans and is added to your monthly debit order each month.
If I am unable to make a payment to Bayport for the monthly amount due what should I do?
Please contact our Personal Loan Department on 0861 229 7678 and one of our Customer Service agents will provide you with the options available to you.
What is my monthly instalment made up of?
The Instalment is made up of the following:
  1. Instalment in respect of amount financed
  2. Interest on value of outstanding loan
  3. Credit Life Insurance Premium
  4. Monthly Service Fee
  5. And any other optional items if applicable will be added to the total instalment value.
How do I make payment on my Loan?
A Debit Order Mandate must be completed at the time of accepting and signing the loan pre-agreement. The Loan repayment amount will then be debited on a monthly basis to the account number provided.

My Personal Loan with Bayport Financial Services was in arrears, I have paid up the arrears amount on the loan. Am I able to apply for another loan with Bayport?

Yes, you may submit an application for a Bayport Personal loan provided that all products held with Bayport are all current and up to date.

Do you need a refund from Bayport?
To get a refund from Bayport, you must have:
  • 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.

What supporting documentation is needed when applying for a loan with Bayport?
New loan applications
  • 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)

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).