Loan shark Arrested
A 59 year old Limpopo woman has reportedly been operating illegally as a credit provider offering loans to people in her community and holding clients SASSA cards as collateral. She was arrested by the Hawks Serious Commercial Crime Investigation unit based on information provided to them by the National Credit Regulator.
People who lend money to other people and charge any fees or interest must to register with the National Credit Regulator. This is a requirement of the National Credit Act and an attempt to cut down on loan sharks preying on consumers across the country.
Allegedly the loan shark was holding bank cards, SASSA cards and ID books taken illegally from those who approached her for loans. Though she was released on bail she now faces criminal charges as well as action via the National Consumer Tribunal who could be asked to write off all the loans granted.