credit fees

Find out what credit fees you are obligated to pay under a standard credit agreement.

How to get a good credit score in South Africa

How to get a good credit score in South Africa?

How to get a good credit score?

Learning to be a functional adult and understanding the financial world, is something that many people struggle with. Credit and credit scores are highly important for any modern-day consumer. If you want to invest in a car or property, chances are you will have to take a loan or bond, which is why your credit record needs to be squeaky clean. Do you know how to get a good credit score?

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Understanding your credit score

Understanding your credit score in South Africa

The ins and outs of understanding your credit score

As a credit user in South Africa, understanding your credit score is of the utmost importance to your financial well-being. Whether a finance guru or the average Joe, knowing the ins and outs, good and bad, allows you to take control of your money and spend wisely to secure your future.

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Rotten to the Core – Inside the Consumer Credit Insurance Industry

Caught Infringing the Act

So far, in 2015 alone, the National Credit Regulator (NCR) has referred the following big-name corporate giants to the National Consumer Tribunal (NCT):

  • Finbond Mutual Bank – for charging extortionate credit life insurance premiums;
  • Lewis Stores and Monarch Insurance – for selling loss-of-employment and disability credit insurance to pensioners and self-employed consumers; and
  • DG Trading and JDG Micro Life – for selling disability and retrenchment credit insurance to pensioners and social grant beneficiaries.

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Wise up about Credit Fees before You Cough up!

If you want to make a truly informed decision when applying for credit, it’s vital you ask your credit provider for a quotation or a pre-agreement that outlines all of the specific fees and costs you will be obligated to pay under the credit agreement. Another essential issue to address is whether or not these charges will be included in your monthly instalment, or if they are actually additional to this payment.

Below you will find descriptions of the kinds of charges you can expect to find in a standard pre-agreement, which have been broken down to help you better understand what you are actually getting yourself into, when you sign that contract. Continue reading