NCR Registered Credit Providers
NCR registered credit providers are professional lenders, lending under the guidelines set and enforced by the National Credit Regulators – a guiding body that ensures a high quality, fair credit industry in South Africa.
As the governing entity, the NCR are tasked with education, research, policy development, investigation of complaint and the registration of industry participants, including the enforcement of the National Credit Act (NCA).
As the head of the professional elements of debt, keeping all in line with the industry and its standards, the NCR has registered credit providers that it displays on its site for consumers to find. With a host of counsellors available across South Africa, our professional teams are proud to be a part of this registered body. Due to recent changes in the law surrounding lenders, all lenders must now be registered – however, this does not mean that every single person or business that lends money must register as a credit provider unless fulfilling requirements by definition:
- Is the credit agreement an incidental credit agreement? Section 40(1) (a) of the NCA does not require the registration of a credit provider if the transaction relates to an incidental credit agreement.
- Is the person a credit provider as defined in the NCA?
- Is the transaction a credit agreement as defined in the NCA?
- Will the credit agreement be concluded within, or will it have an effect within the Republic?
- Are the parties to the credit agreement dealing “at arm’s length“?
- Do any of the exceptions provided in section 4 apply? For example: the NCA does not apply to a credit agreement where the consumer is a juristic person whose asset value or annual turnover, together with the combined asset value or annual turnover of all related juristic persons, at the time the agreement is made, equals or exceeds the threshold value determined by the Minister (currently R 1 million).
To find out more or to get some good NCR debt advice, don’t hesitate to contact us today. National Debt Advisors is a registered body, as well as a professional debt solutions company in South Africa.