Let’s assume for a second that you’ve decided to take out a personal loan. How much are you going to be charged? And more importantly what charges are the credit provider legally allowed to levy against your loan or credit agreement? The National Credit Act deals with all these credit charges and it’s really about …
Continue reading “How much are you going to cough up in charges when you apply for credit?”
If I had a car worth R140 000 and I wanted to sell it to my son for R70 000, would I be acting in my own self-interest? The answer to that question is a resounding “No”. Some might even say I need my head read! You wouldn’t be attempting to get fair market value …
Continue reading “10 transactions excluded from the National Credit Act”
The National Credit Act was introduced back in 2007 with the aim of promoting a fair and non-discriminatory marketplace for South Africans to access credit. The Act itself is 200 pages long, with a supplementary set of regulations and amendments. Not exactly bedtime reading, and unless you’re a Legal Eagle it’s very difficult to understand. …
“Apply for a R50 000 Personal Loan today and have the cash in your account tomorrow!” “Quick Payday Loans from R2 000!” “Own this luxury German vehicle from as little as R5 999 per month.” “Qualify for our Platinum Credit Card and pay zero interest on purchases for the first 30-days.” Why are we being …
Continue reading “3 reasons why South Africans are suffering from a Major Credit Hangover”
