What is gross income?

Your gross income is how much you make before taxes every month. Take your annual salary before deductions and divide it by 12 months. For example: Peter earns R120,000 per year as a salesman. His gross monthly salary is R10,000 per month.

The instalment is the minimum amount that will be deducted from your bank account every month. Your bank statement will reflect "Powerflow Finance" when each instalment is deducted.

Our management partner FeverTree Finance will handle the collections on our behalf.

We charge an annual interest rate as applicable at the time of application and is compounded monthly. The interest rate is within the prescribed interest rate as specified in the National Credit Act and is linked to the prime rate of interest. Fees may be charged on initiation (set-up) of your facility and on a monthly basis to maintain the facility (please refer to the application form for the specific fees and interest rate).

These fees do not include the costs of recovering the loan in the event of you missing any of the due payment dates nor does it include lawyers fees on collection of outstanding loans. These will be additional fees incurred by you. You should review the terms and conditions provided to you for the specific interest rate and fees related to your account.

The total amount is the total credit that will be owing plus interest and fees. Your terms and conditions provided to you will detail the specific interest rate and fees applicable to your account.

Our primary reason for an email address is that we send our monthly statements via email. We also send your loan quotation, terms and conditions to your specified email address. We aim to reduce our carbon footprint by going as paperless as possible. Sending three pages of statements, every month adds up to a substantial amount of paper over time.

If you do not have an email address, we will sms you a summary every month of what you next payment is..

This is the maximum amount that you would like to use at Powerflow Exhausts. Please select the suitable credit facility amount on the credit application form.

Make sure that the amount that you would like to borrow is more than your purchase amount on credit. In some cases, if your credit score and affordability test allows it, we will approve you for more than you are asking for. The actual credit used will be the exact value of the goods purchased.

You will need to repay any credit used over a period of 24 months. Any subsequent credit transactions you make will also need to be repaid over 24 months from the date of each subsequent purchase.

It is imperative that you provide a correct residential address. This is verified against data at the credit bureau for fraudulent and incorrect information. We also need a postal address (if this differs to the residential address) for any communication in terms of the National Credit Act. We need to know how long you have lived at the residential address that you have provided.

This will help us calculate the appropriate credit score and your credit limit. If you live in a house-share, you should select 'A tenant'. Students who are in residences should select 'A tenant'.

Your job type is important information in determining your credit score. Our affordability tests will be largely determined by the type of job that you have.

The monthly expenses could include the following:

• Electricity costs
• Cell-phone contracts
• Home loan instalments
• Child support/maintenance expenses
• School fees
• Medical aid
• Car loan repayments
• Furniture/jewellery repayments
• Insurance policies