The National Credit Act (NCA) comes into effect in June 2007. The act is designed to better regulate all players in the credit market as well as to improve consumer protection. All loans granted by us to personal customers, and in some cases to those seeking business banking services, will be governed by the new act after June 2007.
We fully support the objectives of the NCA and have, over the past 12 months, been preparing to comply with the new legislation. As a result, some of our processes will change from June 2007 and you may be affected by the following:
- We may ask you for additional information when you apply for a new loan. In this regard, we encourage you to bring documents such as copies of payslips, bar-coded identity documents and proof of residence with you when you apply for a loan.
- We are required to ensure that you understand the risks, obligations and costs associated with any loan. Our consultants will explain these in detail to you when you apply for a loan.
- Some of our application forms and documents have also been changed.
If you have any questions or need more information, our branch staff will be able to assist you. Further details are (blah, blah)
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