South Africa’s government has put the protection of consumers high on its priority list.This led to the enactment of the National Credit Act.This act requires the regulator to promote the development of an accessible credit market, particularly to address the needs of the historically disadvantaged low income earners.This also extends to the registration of industry participants and investigation of complaints. One business body making a huge contribution in this regard is ZARfin.
It is a fact that all banks have different risk criteria from which they derive their pricing, or in other words, the interest they charge you. It has also been established that if banks are cleaning up a bad lending book, they make their criteria stricter. If they want to grow market share, they will make their criteria lighter. In this kind of scenario, ZARfin knows which banks are in which cycles and they have a thorough understanding of their scorecards. All this is done to ensure that customer interests are provided.
ZARfin has also ventured into the provision of personal loans, quick payday loans and home loans.Personal loans are offered up to a maximum amount of R120,000 with repayment periods running between 6 to 72 months. Quick payday loans on the other hand offer minimum amounts of R500 going up to a maximum of R10,000. Repayment periods for quick payday loans go run between 1 to 12 months.
ZARfin can be contacted on 0214611991.
