Privacy Policy for MiLoans

Effective Date: April 2026

MiLoans (“we”, “our”, or “us”) respects your privacy and is committed to protecting your personal information. This Privacy Policy explains how we collect, use, disclose, and safeguard your information when you use our mobile application.

Our services are provided in compliance with applicable laws and regulations in the Republic of South Africa.

1. Information We Collect

We collect only the information necessary to provide loan services:

1.1 Personal Information

  • Full name
  • South African ID number
  • Date of birth
  • Contact details (phone number, email address)
  • Residential address

1.2 Financial Information

  • Employment details
  • Monthly income
  • Bank account details (for loan disbursement and repayment)

1.3 Device & Usage Information

  • Device type and operating system
  • IP address
  • App usage data

We do NOT collect:

  • Contacts
  • Photos or media files
  • SMS or call logs

2. How We Use Your Information

We use your information strictly for the following purposes:

  • To verify your identity
  • To assess your loan eligibility
  • To process and manage your loan application
  • To comply with legal and regulatory requirements
  • To improve our services and user experience

We do not sell your personal data to third parties.

3. Sharing of Information

We may share your data only with:

  • Licensed financial service providers
  • Credit bureaus (where required by law)
  • Regulatory authorities in South Africa

All third parties are required to protect your data and use it only for authorised purposes.

4. Data Security

We implement appropriate technical and organisational measures to protect your personal data against unauthorised access, loss, or misuse.

5. Data Retention

We retain your information only for as long as necessary to:

  • Provide services
  • Meet legal and compliance obligations

After this period, your data will be securely deleted or anonymised.

6. Your Rights

Under applicable South African data protection laws, you have the right to:

  • Access your personal data
  • Request correction of inaccurate data
  • Request deletion of your data (subject to legal obligations)

To exercise your rights, contact us using the details below.

7. Loan Transparency & Example

MiLoans is committed to transparent lending practices.

Loan Details:

  • Loan Amount: ZAR 500 – ZAR 4,000
  • Loan Term: 62 to 365 days
  • Maximum APR: up to 116.06% per annum

Example Loan:

If you borrow ZAR 2,000 for 90 days at a daily interest rate of 0.167%, the total repayment will be calculated as follows:

  • Principal: ZAR 2,000
  • Interest: ZAR 300.60
  • Initiation Fee: ZAR 265
  • Service Fee: ZAR 150

Total Repayment: ZAR 2,715.60

This example is provided for illustrative purposes only. Actual costs may vary depending on your loan terms.

8. Permissions

The app may request the following permissions:

  • Internet access (required for app functionality)

We do not access sensitive permissions such as contacts, SMS, or photos.

9. Children’s Privacy

Our services are not intended for individuals under the age of 18. We do not knowingly collect data from minors.

10. Changes to This Policy

We may update this Privacy Policy from time to time. Any changes will be posted within the app.

11. Contact Us

If you have any questions about this Privacy Policy, please contact us:

12. Compliance with Google Play Policies

MiLoans complies with Google Play Developer Program Policies, including:

  • User Data policy
  • Financial Services policy

We ensure:

  • Transparent disclosure of loan terms
  • No misleading or deceptive practices
  • Responsible data handling

Terms and Conditions for MiLoans

Effective Date: April 2026

These Terms and Conditions (“Terms”) govern your use of the MiLoans mobile application (“App”, “Service”). By accessing or using the App, you agree to be bound by these Terms.

MiLoans operates in accordance with applicable laws and regulations in the Republic of South Africa.

1. Eligibility

To use MiLoans, you must:

  • Be a resident of South Africa
  • Be between 23 and 62 years old
  • Hold a valid South African ID
  • Have a stable source of income

By applying for a loan, you confirm that all information provided is accurate and truthful.

2. Nature of Service

MiLoans provides a platform that facilitates short-term personal loans. Submission of an application does not guarantee approval.

Loan approval is subject to verification, risk assessment, and compliance checks.

3. Loan Terms

  • Loan Amount: ZAR 500 – ZAR 4,000
  • Loan Term: 62 to 365 days
  • Maximum APR: up to 116.06% per annum

All loan details will be clearly displayed before you accept the offer.

4. Fees and Charges

4.1 Interest

Interest is charged daily at a rate disclosed before loan acceptance.

4.2 Initiation Fee

  • For loans ≤ ZAR 1,300:
    15% of the principal
  • For loans > ZAR 1,300 up to ZAR 4,000:
    ZAR 165 + 10% × (principal − ZAR 1,000)

4.3 Service Fee

Service fee is calculated as:

(Number of remaining days in the disbursement month) × (ZAR 60 ÷ total days in the month) + applicable monthly charges.

All fees are disclosed upfront before loan confirmation.

5. Representative Example

If you borrow ZAR 2,000 for 90 days at a daily interest rate of 0.167%, the repayment will be:

  • Principal: ZAR 2,000
  • Interest: ZAR 300.60
  • Initiation Fee: ZAR 265
  • Service Fee: ZAR 150

Total Repayment: ZAR 2,715.60

This example is for illustration purposes only.

6. Repayment

You agree to repay the loan in full by the agreed due date.

Failure to repay on time may result in:

  • Additional charges (where legally permitted)
  • Reporting to credit bureaus
  • Legal action in accordance with South African law

7. Early Repayment

You may repay your loan early. Interest may be adjusted accordingly, subject to applicable regulations.

8. User Responsibilities

You agree:

  • Not to provide false or misleading information
  • Not to misuse the App
  • To keep your account information secure

9. Data Protection

Your personal data is handled in accordance with our Privacy Policy.

10. Limitation of Liability

MiLoans is not liable for:

  • Delays caused by third-party service providers
  • Losses resulting from incorrect information provided by the user

11. Changes to Terms

We reserve the right to update these Terms at any time. Continued use of the App constitutes acceptance of the updated Terms.

12. Governing Law

These Terms are governed by the laws of the Republic of South Africa.

13. Contact Information