CREDIT APPLICATION

YES! YOU CAN BUY ON CREDIT*

  1. Ensure you are advised of the following:
    • The monthly instalment
    • The number of monthly instalments
    • Total amount payable
    • The interest rate
    • Any initiation/ Service fees
    • The insurance costs
  2. You must agree to undergo the credit and affordability assessment through a recognised credit bureaux.
  3. Once the assessment is complete and you qualify for credit you will be informed of the amount available.
  4. You will be given a formal quote indicating all costs.
  5. The formal quote is valid for 5 business days - to give you time to think about your purchase.
  6. If you return after 5 business days, or if your financial situations has changes ( you borrowed somewhere else or bought credit, changed jobs or were retrenched, etc) you would need to undergo another credit and affordability assessment.
  7. It is important that you do not withhold any information which may have a bearing on your financial status.
  8. The store must explain your rights in terms of the agreement.
  9. The NCA protects your rights as a consumer!
  10. Always pay your accounts on time.

We are committed to serving your rights as our consumer, and upholding the National Credit Act.
*All credit purchases are subject to credit approval and affordability assessment. 
Terms and conditions apply.

OVERVIEW OF THE NATIONAL CREDIT ACT, 2005

The purpose of this law is to promote and advance the social and economic welfare of all South Africans, to promote a fair, transparent, competitive, sustainable, responsible, efficient and accessible credit market and industry and to protect consumers.

OBJECTIVES OF THE NATIONAL CREDIT ACT

  • To promote a fair and non-discriminatory marketplace for access to consumer credit and for that purpose to provide for the general regulation of consumer credit and improved standards of consumer information;
  • To promote black economic empowerment and ownership within the consumer credit industry,
  • To prohibit certain unfair credit and credit-marketing practices,
  • To promote responsible credit granting and use and for that purpose to prohibit reckless credit granting,
  • To provide for debt re-organization in the case of over-indebtedness,
  • To regulate credit information,
  • To provide for registration of credit bureaux, credit providers and debt counselling services,
  • To establish national norms and standards relating to consumer credit,
  • To promote a consistent enforcement framework relating to consumer credit, 
  • To establish the National Credit Regulator and the National Consumer Tribunal,
  • To repeal the Usury Act 1968 and the Credit Agreements Act 1980 and to provide for related incidental matters.

FEATURES OF THE NATIONAL CREDIT ACT

  • Language in credit agreements must be simple and understandable.
  • Quotes must be given before entering into credit agreements and are binding for 5 business days.
  • Advertising and marketing must contain prescribed information on the cost of credit.
  • Credit sales at a person’s home are strictly limited.
  • Reasons must be provided if a credit application is declined.
  • Automatic increases in credit limits are regulated.
  • Reckless lending is prohibited.
  • Interest and fees are regulated on all agreements including micro-loans.
  • Credit Bureaus are regulated and consumers have the right to a free print-out of a credit bureau record.
  • Debt counselling is introduced to enable restructuring of debts for over-indebtedness.