NCR Catch Out Naughty Unregistered Credit Providers
Recent changes to the National Credit Act aimed at shutting down loan sharks, require anyone who loans others money or extends credit for a fee or profit must register with the National Credit Regulator (and submit reports, be monitored etc). Most small loan sharks and members of the public have ignored this requirement as it creates a lot of work and obligations and means one has to play by the rules.
Recently, the NCR clamped down on 6 unregistered credit providers in the Northern Cape and Limpopo. These people and firms now have a short time to comply. Once they have done so the NCR will no doubt take them to task for any unlawful practices.
If you apply for credit anywhere you do not see a sign from the NCR and a certificate you may be dealing with an illegal credit provider and should let the NCR know. Who knows you may find your debt even gets written off?