Cape Town The National Consumer Tribunal slapped Eagle Cash Loans, a strand-based credit provider, with a R250 000 fine and cancelled its registration as a result of cash loans quick approval lending practices, the National Credit Regulator (NCR) said in a statement on Monday.
An investigation by the body revealed that Eagle Cash Loans lent recklessly to consumers and retained consumers bank cards and identity documents, which are in contravention of the National Credit Act. We urge consumers to ensure that they only apply for credit from credit providers who are registered with the NCR.
Credit agreements concluded by unregistered credit providers are unlawful and in contravention of the Act, Peters added. The NCR reminded credit providers that the overcharging of interest andor fees under a credit agreement is now a criminal offence. Criminal charges will be laid by the NCR against credit providers overcharging consumers, Peters said. The National Credit Regulator resorts under the Department of Trade and Industry and is responsible for regulation of the South African credit industry and making sure credit providers comply with the National Credit Act.
In November last year, apply for joint personal loan were introduced to the National Credit Act which means among other things that any institution that lends money needs to be registered as a credit provider.
Prior to the amendments, a person or an institution apply for joint personal loan to register as a credit provider only if he or she was the credit provider of at least 100 credit agreements, or if the principal debt owed exceeded R500 000.
Once you go through the inclusive quotation and agree on the terms future by the lender, you may be necessary to provide the confirmation of your identity and other basic criteria mentioned above. Following this, an agreement will be signed between you and the lender for your acceptance to the terms of your loan. This completes the cash loan process and you will accept the agreed monetary amount in your bank account.
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