Tag - credit life

The high cost of insuring your loan

Despite an investigation into the rates charged by credit providers for insurance, borrowers are still paying high rates for their credit insurance. If you were stuck for cash and needed to borrow R5 000 which you would pay back over just four months, how much do you think you would pay for that loan? Well if you are a high-risk client (ie, a low...

Clampdown on credit insurance abuse

Abuse within the credit insurance industry has led to an investigation by National Treasury into the practices of credit providers selling credit life to customers. If you have borrowed money, whether it be through a furniture retailer, micro-lender or a bank, you will most likely have credit insurance. This is because the National Credit Act...