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Cancellation Lendplus: Easy Method
What is LendPlus
Overview
LendPlus is a digital short-term lender operating in South Africa, offering fast online loans to consumers on a subscription-style platform. It provides small personal loans with set fees, interest and service charges for short repayment periods.
Key characteristics
LendPlus is a registered lender under the National Credit Act and markets quick approvals, accessible credit for first-time and returning borrowers, and an online account management system. Loan amounts are typically small and intended for short terms.
How to cancel LendPlus
Cancel via web (recommended)
- Log in to your LendPlus account on the website (My Account).
- Go to account settings or the account cancellation option.
- Follow the on-screen steps to confirm cancellation; expect to be logged out at completion.
- Keep records or screenshots of any confirmation message for your files.
App store / mobile considerations
- No public evidence of an App Store or Google Play cancellation pathway was found; cancellation appears to be handled through the website only.
- If you signed up through a mobile app, sign in on the website to confirm and cancel the account if web cancellation is required.
What happens when you cancel
Access and account status
If you cancel your LendPlus account via the website you will be logged out immediately and permanently lose access to the account portal.
Data and future eligibility
On website cancellation LendPlus deletes personal data such as loan records, coupons and loan amounts. You will no longer be eligible for future loans from LendPlus once the account is cancelled.
Will I get a refund?
Cooling-off rights
Under South African law (National Credit Act) you have a statutory cooling-off right to cancel a credit agreement within 5 business days without penalty.
No general refund policy
- LendPlus does not publish a general refund policy in its public Help Center or Terms and Conditions.
- Outside the statutory cooling-off period, refunds are not expressly offered and should be discussed with LendPlus support if you believe a refund is due.
LendPlus plans and pricing
Pricing summary
The table below summarises typical fees and interest for first-time and returning borrowers based on publicly available fee examples.
Notes on examples
Figures include initiation fees, daily interest approximations and service fees. Total repayable examples for common loan amounts are illustrative and come from published fee examples.
| Plan | Price | 期間 | Features |
|---|---|---|---|
| First-time borrower (loan ≤ R1,300) | Initiation Fee: 15% of loan; Interest: ~0.17% per day (~60% p.a.); Service Fee: ~R60/month (VAT incl.) | 65 - 90 days | Short-term loan R500 - R4,000; fast online approval; total repayable = loan + interest + initiation + service |
| First-time borrower (loan > R1,300) | Initiation Fee: R165 + 10% of (loan − R1,000); Interest: ~0.17% per day (~60% p.a.); Service Fee: ~R60/month (VAT incl.) | 65 - 90 days | Short-term loan R500 - R4,000; fee structure changes above R1,300; total repayable includes all fees |
| Returning borrower | Interest: ~0.10% per day (~36% p.a.); Initiation Fee: same sliding structure as above; Service Fee: ~R60/month (VAT incl.) | 65 - 90 days | Lower daily interest for repeat customers; other fees follow the same structure |
Your consumer rights in South Africa
Pre-agreement and disclosure
You are entitled to receive a pre-agreement statement and a full cost quotation before you sign any credit contract or accept a loan offer.
Key statutory rights
- Cooling-off: 5 business-day right to cancel a credit agreement without penalty.
- Early repayment: You may repay your loan early without penalty.
- Affordability: LendPlus must conduct an affordability assessment before approving credit.
- Complaints: Lodge with LendPlus first; escalate to the National Credit Regulator (NCR), National Consumer Commission, FSCA or National Consumer Tribunal if unresolved.
Customer experiences
Positive feedback
Users and summaries note LendPlus is a registered, legitimate lender with rapid application and approval processes. It accepts applicants with varied credit histories and provides fast access to small loans.
Common complaints
- Reports of unauthorised or duplicate debit orders from customer bank accounts.
- Complaints about slow or hard-to-reach customer service outside normal hours.
- High cost of borrowing: example costings show substantial extra charges over short terms, equating to high annualised rates.
Documentation checklist
Before cancelling
- Copy of your ID or passport used when applying.
- Account details and recent statements showing payments and debit orders.
- Pre-agreement statement and cost quotation (if available).
When you contact support
- Screenshots of account cancellation confirmation or any error messages.
- Written notes with timestamps of calls, emails or chats with LendPlus support.
- Reference numbers for loans, applications or support tickets.
Common mistakes
Assuming instant refunds
Many users expect refunds after cancellation; however, refunds outside the statutory cooling-off window are not guaranteed. Always confirm refund eligibility before cancelling.
Not securing confirmation
Failing to save cancellation confirmations can make disputes harder to resolve. Capture confirmation screens or request written confirmation by email.
Comparative recap
Fee comparison (within LendPlus)
The table below compares the typical fee structure for first-time and returning borrowers so you can quickly see differences in initiation, interest and service fees.
How to read this table
Use the table to compare the effective daily/annual interest, initiation fee structure and the typical repayment period before deciding to cancel or reapply elsewhere.
| Plan | Typical daily rate / annualised | Initiation fee | Service fee | 期間 |
|---|---|---|---|---|
| First-time ≤ R1,300 | ~0.17% per day (~60% p.a.) | 15% of loan amount | ~R60 / month | 65 - 90 days |
| First-time > R1,300 | ~0.17% per day (~60% p.a.) | R165 + 10% of (loan − R1,000) | ~R60 / month | 65 - 90 days |
| Returning borrower | ~0.10% per day (~36% p.a.) | Same sliding initiation structure | ~R60 / month | 65 - 90 days |
After cancelling
What to monitor
Check your bank account for any unexpected debit orders after cancellation and keep a copy of your cancellation confirmation. Monitor credit records for any discrepancies following account closure.
Escalation and complaints
- First, submit a formal complaint to LendPlus in writing and keep proof of submission.
- If unresolved, escalate to the National Credit Regulator (NCR), National Consumer Commission, the Financial Sector Conduct Authority (FSCA), or the National Consumer Tribunal.
Address
Service address
10th Floor Offices, 2 Long Street, Cape Town City Centre, Cape Town 8000
Alternative head office (as listed in PAIA)
The Germiston address is also listed in LendPlus public documents as an alternative head office address for service notices.
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Written by Kyle Adams
eIDAS legal expert · 8 years experience
Lawyer specialized in digital trust services and the eIDAS regulation, I have been helping individuals and businesses send legally binding certified mail for 8 years.