The National Credit Act (NCA) became effective on 1 June 2007. The objectives of the NCA are: To create one set of rules for all credit activities To prevent reckless lending by credit providers To improve consumer rights for credit consumers. These objectives are achieved by 3 Regulations used to protect consumers, Regulation 1 – assessing the consumer’s ability to pay. Regulation 2 – Disclosure of all costs. Regulation 3 – Interest rate caps replacing the old Usury Act limits. What Credit Agreements Are Covered By The NCA? The NCA applies to overdrafts, credit cards, personal loans, vehicle loans and
Buying your first home can be both thrilling and scary and getting your first mortgage loan is usually part of the process. Obtaining a mortgage loan can be confusing and stressful for many people, especially if this is a new experience. Without a doubt your home, even if it’s a starter home, is and will be, one of the biggest investments of your life. With that in mind it is important to take the mortgage process slowly and not rush or skip important steps. One of the very first steps necessary in the mortgage process is to decide if you
It has never been easier applying for a personal loan. All banks offer personal loans and you can even apply at selected retailers who have partnered with major banks and provide personal loans under their own brands. If you don’t feel like leaving your home you can even apply online at various websites – including loanfinder.co.za. You will still need to meet the credit criteria of the various institutions , but the days of making an appointment with your bank manager are long gone. In fact applying online provides you with several distinct advantages that you just don’t get if
