Consumers are warned to beware of loan sharks in the current difficult economic times as illegal lenders, commonly known as loan sharks, are on the prowl in South Africa. As consumers become more vulnerable as they try to make ends meet, loan sharks are becoming more creative in their loan scams.
Niresh Gopichand, director of risk at Atlas Finance, says while loan sharks are synonymous with exploitation, they, unfortunately, taint the image of all lenders including registered responsible ethical lenders. Van Pletzen advises consumers to get into the habit of verifying the legitimacy of microfinance lenders which can be done on various platforms, including the National Credit Regulator website which provides a list of registered credit providers.
Scammers often use high-pressure tactics to rush decisions encouraging loan seekers to act immediately or risk losing out. Legitimate lenders provide time and information for careful decision-making.
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