Court orders scrapping of cap on interest rates (and fees) on short-term loans

The High Court has ordered the National Credit Regulator (NCR) and the Minister of Trade and Industry to set aside regulations that cap interest rates and fees on short-term credit contracts.

It said that the Minister and the NCR failed to consider the effects of such caps on the micro-lending industry as well as the delivery of short-term credit to consumers.

The Money Show’s Bruce Whitfield interviewed Stephen Logan, Founder at Fair Credit.

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Article brought to us by Old Mutual.

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