Legal
Lease agreement
The terms under which your iPhone is leased to you over 24 months.
Last updated: 9 October 2026
1. Agreement parties
This lease agreement is between iCredit (the lessor) and the applicant (the lessee) identified in the approved credit application.
2. Leased device
The lessor leases to the lessee the iPhone selected in the application. The device remains the property of the lessor for the duration of the lease term.
3. Lease term
The lease term is 24 months, commencing on the activation date. Ownership of the device transfers to the lessee upon completion of all payments under the agreement.
4. Rental payments
The lessee agrees to pay the monthly rental amount shown in the application on or before the due date each month for the full term.
5. Deposit
A deposit may apply depending on the device selected. Where a deposit applies, it is payable immediately at activation. Certain devices (such as the iPhone 11) require no deposit. The deposit forms part of the total consideration and is non-refundable except where required by law.
6. Device locking
The device is fitted with software allowing the lessor to lock the device remotely if a payment is missed. The device unlocks automatically once the outstanding payment is received.
7. Care of device
The lessee agrees to take reasonable care of the device and not to sell, transfer, or modify it during the lease term without the lessor's written consent.
8. Default
Failure to pay on time constitutes default. The lessor may suspend the device and, if default continues, require return of the device and terminate the agreement.
9. Completion
On completion of all payments, the lessor issues an unlock code and ownership of the device passes to the lessee.
10. Governing law
This agreement is governed by the laws of the Republic of South Africa.
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