Tag Archives: Loan sharks

Wonga Report On Illegal Lending

Download Report On Mashonisas

Thousands of illegal credit providers operate country wide informally without being registered with the National Credit Regulator (NCR) who are engaged in a battle to prevent loan sharks from abusing consumer’s rights.

Wonga (who are an award-winning NCR registered credit provider), recently commissioned a report into how widespread the practice of loan sharks/mashonisas really is. The statistics will surprise and horrify you.

 

DOWNLOAD THE REPORT

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The report clearly shows that South Africans love to borrow money and spend what they do not yet have. The illegal lending market is flourishing even as the NCR continue to work with the SAPS to try to shut it down and stop consumer abuses (like taking cards and ID books).