Reckless lending is taking knocks, left, right and center
Reckless lending is a huge financial burden on some and is still prevalent across South Africa today. This occurs when credit providers enter into a credit agreement and the debtor does not have the means to pay back the amount. Never mind covering the cost of living expenses.
It is shocking and deeply troubling that the National Credit Regulator (NCR) declined to divulge information to investigators compiling a report about the collapse of African Bank.
Capitec Bank, a major provider of unsecured loans in South Africa, has lodged its opposition to Summit Financial Partners’ reckless lending charges and is set to submit responding court papers in early June.