Just because a credit retailer no longer requires a payslip or bank account doesn’t mean they won’t have to do an affordability test.
Tag - borrowing
We’ve lost the plot when it comes to borrowing and saving.
Proposals to curb the costs of borrowing will be welcomed, but a likely consequence is that less credit will be available.
I was on my way to present at a conference about the lack of savings culture in South Africa when I first received a press release about Wonga.com. According to their release you could borrow money in six minutes. Six minutes to get a loan! This was great content for my talk and I used it as an example of what was wrong with our savings industry...