National Credit Regulator v Microloans Two Go (Pty) t/a Microloans 2 Go (NCT/158471/2020/57(1))
National Credit Regulator v Microloans Two Go (Pty) t/a Microloans 2 Go (NCT/158471/2020/57(1)) [2021] ZANCT 4 (15 April 2021)
The Tribunal found, on a balance of probabilities, that the Respondent repeatedly contravened the National Credit Act by failing to conduct proper affordability assessments, charging interest in excess of prescribed limits, and failing to use the prescribed forms for small credit agreements. The evidence showed that credit bureau reports were accessed after loans were granted and that interest was calculated incorrectly, resulting in consumer overcharges. The Respondent's conduct constituted prohibited conduct under the NCA. Despite voluntary deregistration, the Tribunal held that remedial or…
Source excerpt
- National Credit Act
- Reckless Lending
- Affordability Assessment
- Excessive Interest
- Prescribed Forms
- Administrative Fine