While regulated lenders do charge less than unregulated loan sharks, it is undeniable that borrowing money in the short term is very expensive and can easily lead to the situation where you are caught in an ever- increasing cycle of debt.
Tag - loan sharks
Illegal loan sharks continue to operate across South Africa, using threats to collect payment, keeping customers’ bank cards and IDs, and charging interest rates so high that the client will never be able to pay it off.
The National Credit Regulator (NCR) is working with the South African Police Service (SAPS) to target “loan sharks” – credit providers who are using abusive methods to collect outstanding debts. ‘Operation Siyanda’ which was held in the Northern Cape recently is the latest in a round of operations conducted by SAPS which have...