A real South African example
Boodle publishes the following representative example on its website. It is an illustration from the provider, not a personalised offer from Finoro.
| Published item | Boodle example |
|---|---|
| Loan amount | R6,000 |
| Term | 6 months |
| Monthly interest rate | 3% |
| Initiation fee | R765 |
| Monthly service fee | R69 |
| Monthly credit life insurance | R18 |
| Monthly instalment | R1,315 |
| Total repayment | R7,890 |
Source: Boodle representative example · Checked 8 October 2026. Your quote may differ.
What is the extra R1,890?
Total cost equals total repayment minus the amount borrowed.
| Component | Calculation | Amount |
|---|---|---|
| Initiation fee | Published once-off charge | R765 |
| Service fees | R69 × 6 | R414 |
| Credit life insurance | R18 × 6 | R108 |
| Interest / remaining cost | R1,890 − R765 − R414 − R108 | R603 |
| Total borrowing cost | Sum of the four components | R1,890 |
The R603 is an arithmetic residual derived by Finoro from the published figures. Boodle does not publish that interest total in the example; rounding or the detailed agreement may explain differences.
A rate is not the full price
This is the cost as a share of the original amount over six months. It is not an APR or an annual interest rate.
Do not compare a monthly rate with an annual rate as if they were the same. Check whether initiation fees are paid separately or financed, whether VAT is included, and how insurance is charged.
What to take from your own quote
- 01
Read each charge
Record interest, once-off fees, monthly fees and insurance.
- 02
Add all repayments
Use the actual dated payment schedule, including separate charges.
- 03
Compare the total
Check the full amount payable alongside the payment dates.
Sources & methodology
Sources checked 8 October 2026. Published examples can change; confirm the provider’s current quote. Finoro calculations and teaching assumptions are labelled in the text.