Cape Town The National Consumer Tribunal slapped Eagle Cash Loans, a strand-based credit provider, with a R250 000 fine and cancelled its registration as a result of reckless lending practices, the National Credit Regulator (NCR) said in a statement on Monday.
An investigation by the body revealed that Eagle Cash Loans lent recklessly to consumers online cash advance payday loan retained consumers bank cards 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 under 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.
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The process is easy to follow and receiving the money you need is totally hassle-free. The first step to take is to visit the Cebuana Lhuillier branch nearest your home or place of work. Once at the branch, approach the friendly staff and present the item that you want to pawn. The expert pawnshop staff will inspect the item and will conduct an appraisal. Once they are done with the appraisal, they will inform you about the appraised value and net proceeds that can be received.
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