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The Act basically strives to improve access to credit for consumers at a reasonable
rate from a reputable credit provider, to increase the availability of finance at
a reasonable cost, to ensure that an increased access to credit does not lead to
over indebtedness, to educate consumers about credit, to protect consumers and deal
with unacceptable practices and to enforce the regulations set out there under.
The new act also places a greater responsibility on credit providers to refuse to
give consumers credit if they cannot afford it. Credit providers must ensure that
they do not enter into a credit agreement without first taking reasonable steps
to assess the consumers general understanding and appreciation of the risks and
costs of the proposed credit. They also need to assess the proposed consumers debt
payment history and their existing financial means, prospects and obligations before
going further.
The National Credit Act sets a framework for every type of credit transaction, from
micro loans to home loans, from overdrafts to furniture finance. Consumers, credit
bureaus and providers of credit, ranging from micro lenders to banks, all need to
get to grips with the new Act. The new National Credit Act will undoubtedly facilitate
the creation of a fair, balanced and transparent credit market. Besides protecting
the consumer from unscrupulous moneylenders, it will help the consumer be more responsible
about using credit.
For more details on how the National Credit Act affects those applying for a loan
from a financial institution in order to purchase a property you can refer the information
supplied by ‘Bond Originators’ via the link on the right hand side of this Website.
To view houses for sale on this website click on the ‘Property for Sale’ button
on the top of this page.
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