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Law against reckless credit lending could benefit consumers

Wednesday, 01 July 2015, 11:39
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Law against reckless credit lending could benefit consumers
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NATIONAL NEWS - In a bid to safeguard consumers against unfair practices when seeking credit, recent amendments to the National Credit Act stipulate that credit providers must automatically take a minimum amount into account when consumers seek credit.

This could mean that consumers who previously qualified for a loan or other credit may be rejected in future.

Deputy Credit Ombudsman Reana Steyn says these regulations are put into place to protect the consumer in case they cannot afford to repay the credit.

If credit providers apply the new law, a consumer who has been a repeat customer, could be turned away due to these stricter requirements.
 

Read more about: credit lending consumers

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