With Human Rights Day celebrated on 21 March every year, it’s important that you know your credit and consumer rights. We give you the lowdown on these rights from the National Credit Act, plus explain why it ‘pays’ to have credit and why you should take a loan with us.

What the National Credit Act does for you

The good news is that The National Credit Act (NCA) is, to a very large extent, aimed at protecting you, the consumer. To meet this objective, it affords consumers various rights. These rights are aimed at promoting equity in the credit market by providing a balance between the rights and responsibilities of credit providers and consumers.

What credit rights do I have as a consumer?

1. The right to apply for credit
2. The right not to be discriminated against when applying for credit
3. The right to be given reasons for credit being declined
4. The right to be given documents in an official language that the consumer understands
5. The right to be given written documentation relating to the credit transaction
6. The right to confidential treatment
7. The right to access and challenge information held by a credit bureau
8. The right to receive periodic statements

There are many reasons why it pays to have credit

Benefits of credit

• You can build a credit history for when you need to make a big purchase, for example a house.
• Credit can help you when you need money for an emergency.
• Credit enables you to buy needed items or assets now and pay it off over time.

Take note!

Financial difficulties may arise if one does not use credit responsibly and within one’s means, leading to a debt spiral and over indebtedness.

We do loans, we buy, and we sell

At Cash Converters, we take credit and loans very seriously. We know that sometimes that extra cash in your pocket every month is a lifesaver – a stopgap to tide you over for the month until your next paycheque. We comply with the National Credit Act, so everything is ethical, legal and above board. Every time you buy something on credit or take a loan from us, we charge an initiation fee, interest and a monthly service fee, but these amounts are fair and within set limits.

Why take out a loan with us?

• Both our loans, Cash Advance and Payday Loan, are short-term loans
• They are both 1-month loans, suited to bridging the gap to the next payday.
• Safe and secure process
• We offer a personal face-to-face service
• Taking out a loan with us is an easy way to access cash
• Our friendly consultants help you with every step in the process.
• We pay out loans on a Cashies Card or in cash – the choice is yours
• Get your free credit report from us at any time

To find out more about our loans, click here