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An investigation by the body revealed that Eagle Cash Loans lent recklessly to consumers and retained consumers bank payday loan online same day california and identity documents, which are in contravention of the National Credit Act. We urge consumers to ensure that they only apply for credit from credit providers who are registered with the NCR. Credit agreements concluded by unregistered credit providers are unlawful and in contravention of the Act, Peters added.
The NCR reminded credit providers that the overcharging of interest andor fees cap fed personal loans a credit agreement is now a criminal offence. Criminal charges will be laid by the NCR against credit providers overcharging consumers, Peters said.
The National Credit Regulator resorts under the Department of Trade and Industry and is responsible for regulation of the South African credit industry and making sure credit providers comply with the National Credit Act. In November last year, amendments were introduced to the National Credit Act which means among other things that any institution that lends money needs to be registered as a credit provider.
Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lender immediately and discuss how to handle late payments.
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