Tag Archives: loan shark

Loan Shark Arrested

Illegal Credit Provider Arrested By Hawks

A 22 year old, Limpopo man has been arrested for breaking the National Credit Act. Reportedly, the man has been operating for some time as an illegal loan shark and was found to be illegally in possession of 16 bank cards, 45 ID books and 4 Social Security Agency cards (for peoples old age pension).

The Hawks and National Credit Regulator worked together to investigate, identify and ultimately raid the illegal credit providers office at a local shop in Bela-Bela.

The National Credit Act requires that anyone who lends money for profit must register with the NCR and regularly report to them.

If you know of anyone who is lending money for profit but is not registered with the NCR (they will not have a certificate on the wall and sticker on their entrance way) then you can report them to the NCR or police.

If a credit provider demands to take your bank card or ID book before they give you a loan then you know they are breaking the law and should report them.