The National Consumer Tribunal cancels the registration of Eagle Cash Loans for contravention of National Credit Act
Media Release - January 2017
The National Consumer Tribunal (NCT) handed down a judgement imposing an administrative fine of R250 000.00 and cancelling the registration of Eagle Cash Loans, a credit provider operating at 22 Abegglen Street, Strand, Western Cape.
This followed an investigation by the National Credit Regulator (NCR) into the lending activities of Eagle Cash Loans which revealed, amongst others, that Eagle Cash Loans lent recklessly to consumers and retained consumers’ bank cards and identity documents in contravention of the National Credit Act (NCA).
“The NCR views the contraventions of the NCA committed by the credit provider in a serious light and urges credit providers to step up their efforts to comply with the NCA”, says Jacqueline Peters, Manager of the Investigations and Enforcement at the NCR.
“Consumers are urged to ensure that they only apply for credit from credit providers who are registered with the NCR. Credit agreements concluded by unregistered credit providers are unlawful and in contravention of the NCA”, Mrs Peters added.
“Credit providers are reminded that the overcharging of interest and/or fees under a credit agreement is now a criminal offence.” “Criminal charges will be laid by the NCR against credit providers overcharging consumers”, she concluded.
National Credit Regulator
Tel: (011) 554 – 2722