NCR registered credit providers

NCR registered credit providers are those who lend under the guidance and scrutiny of the National Credit Regulators – an establishment that ensures a high quality, fair credit industry in South Africa. As the body tasked with education, research, policy development, investigation of complaint and the registration of industry participants, including the enforcement of the Act.

As the governing body of the industry and its standards, the NCR has registered credit providers that it displays on its site. These counselors are connected to and watched over by the NCR to ensure all the guidelines are followed when lending to consumers. With a host of counselors available across South Africa, Reckless Lending counselors are proud to be a part of this registered group. Due to recent changes in the law surrounding lenders, all lenders must now be registered – however, this does not mean that every single person or business that lends money must register as a credit provider, unless fulfilling requirements by definition:

• Is the credit agreement an incidental credit agreement? Section 40(1) (a) of the NCA does not require the registration of a credit provider if the transaction relates to an incidental credit agreement.
• Is the person a credit provider as defined in the NCA?
• Is the transaction a credit agreement as defined in the NCA?
• Will the credit agreement be concluded within, or will it have an effect within the Republic?
• Are the parties to the credit agreement dealing “at arm’s length“?
• Do any of the exceptions provided in section 4 apply? For example: the NCA does not apply to a credit agreement where the consumer is a juristic person whose asset value or annual turnover, together with the combined asset value or annual turnover of all related juristic persons, at the time the agreement is made, equals or exceeds the threshold value determined by the Minister (currently R 1 million).

To find out more or to get some good NCR debt advice, don’t hesitate to contact us today. We are a professional debt solutions company in South Africa.