Many consumers do not know they have credit life insurance which settles your loan should you die, become disabled or get retrenched.
Tag - credit life
Credit can be extremely valuable in achieving life goals such as paying for tertiary education, buying a car or providing a home for your family. However, it can quickly turn into a debt trap if we start to use it for day-to-day living on items we could easily save for. What we don’t always realise is how much that debt is really costing us...
The pricing cap on credit insurance is good news for new loans, but many existing credit customers are still paying over the odds.
On 9 August, the new limits on how much a lender can charge for credit insurance came into effect.
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.
Proposals to curb the costs of borrowing will be welcomed, but a likely consequence is that less credit will be available.
In this episode of Change in your Pocket, we expose the hidden costs that you incur when taking on debt.
The DTI’s decision to delay the implementation of the NCA Amendments relating to affordability tests has resulted in an alarming increase in ‘payday’ loans.
The National Credit Regulator is clamping down on the type of unethical practices that have long plagued the consumer credit insurance industry.
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...