On 9 August, the new limits on how much a lender can charge for credit insurance came into effect. Credit insurance is usually required when taking out a loan; the policy assists in the repayment of the loan if you die, are retrenched or become...
You are Here >
Home > credit insurance >
No more credit insurance rip-offs
A cap placed on how much a lender can charge for credit insurance could result in cheaper loans, but some warn it could also cut credit to higher-risk individuals. Last month the Department of Trade and Industry issued the final credit life...
Borrowing could get cheaper, but less available
Late last year the Department of Trade and Industry (DTI) made two announcements that could see the cost of borrowing reduced. The DTI has adjusted the maximum interest rate that will be allowed on loans from May 2016 (see below) and also released...
The dubious world of credit insurance
Chickens are coming home to roost for the credit insurance industry. Last month the National Credit Regulator (NCR) referred the financial services arm of JD Group to the National Consumer Tribunal for the mis-selling of credit life policies,...
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,...
Credit Life: The cost of insurance on your loan
When you take out a loan or buy a car, you will often be encouraged to take out credit life which is an insurance to settle the loan should you die, become disabled or lose your job. While credit life has its place it can be abused and consumers...
