[JOHANNESBURG] The National Credit Regulator (NCR) has warned consumers to be wary of fake credit providers who attempt to entrap consumers in loan scams.
These scams typically target those who are in distressed financial circumstances and looking for a loan, using slogans such as “blacklisted” or “debt review clients welcome” says Jacqueline Peters, Manager: Investigations and Enforcement at the NCR.
The increase in these types of scams comes at a time when credit approvals have decreased and consumers are finding themselves to be financially stretched. This is the time to be more vigilant as it is in the vulnerable times that we should make wise decisions. The National Credit Act prohibits all advertisements for credit from utilising these prohibited terms and consumers should avoid engaging with any credit provider who advertises in this manner, she added.
