South Africans lose millions each year to fraudulent credit providers. Here are the five most common warning signs.
This is the #1 red flag. Under the NCA, it is illegal for a credit provider to charge upfront fees before granting a loan.
Every legitimate credit provider must be registered with the NCR. If they cannot provide a valid NCR number, walk away.
No legitimate lender can guarantee loan approval without conducting an affordability assessment.
Scammers create false urgency: "This offer expires today!" is a tactic to prevent due diligence.
Be wary of lenders who only communicate via WhatsApp, use free email addresses, or have poorly designed websites.
Report to the NCR at 0860 627 627, SAPS, and your bank immediately.