Credit providers are companies that offer a range of financial solutions to consumers. These solutions include loans, credit cards, goods and services.
Find below are the list of Credit Providers In South Africa
National Credit Regulator
Address: 127 15th Rd, Randjespark, Johannesburg, 1683
Hours: Open ⋅ Closes 5PM
Phone: 0860 627 627
Banks
Supermarkets and department stores
Credit unions
Pay day loan companies
Businesses offering hire purchase agreements
Peer-to-peer lenders
How do you check if a company is registered with the NCR?
You can check the registration on the NCR’s website here NCR http://www.ncr.org.za/ or call them on 0860 627 627.
Who must register as a credit provider in South Africa?
Basically, anyone with just one loan or other Credit Agreement with interest will be required to register as a Credit Provider in terms of the Act.
How much does it cost to register as a credit provider in South Africa?
Proof of payment of the registration fees: • Non-refundable application fee of R550. cheque or a stamped bank statement not older than six (6) months. 13. Proof of registration with the South African Revenue Services (SARS).
When must I register as a credit provider?
In terms of section 40(1) of the National Credit Act a person or entity must apply to be registered as a credit provider if the total principal debt owed to that credit provider, under all outstanding credit agreements, other than incidental credit agreements, exceeds the threshold prescribed in terms of section 42 (1) .
How do I register as a money lender in South Africa?
In order to register as a credit provider, you must submit an application to the NCR. If your application complies with the NCA and you meet the criteria as set out in the NCA, the NCR will register you. Your application will have to be accompanied by an application fee and a prescribed registration fee.
Can I charge interest on a loan to a friend South Africa?
So the literal interpretation is that if you want to lend someone money or sell them assets or shares where the purchase price is repaid in instalments, and where interest is charged, you must be a registered credit provider.
Is it legal to lend money with interest?
Interest-free loans are non-taxable for both lenders and borrowers. However, it becomes complicated in case there is a provision for payment of interest, as the lender will have to pay tax on the interest earned. But then, unlike a friend, a bank will never lend you without interest or at a discount.