HomeConsumer Credit Policy

Consumer Credit Policy

Right to apply for credit

  1. The Credit Consumer has the right to apply for credit from the Credit Provider subject to the following conditions:

          1.1.    That such credit application will only be approved if it is in line with the Credit Providers’ risk management and underwriting practices;

1.2.    Refusal of a credit application will be based on reasonable grounds which fall short of the Credit Providers risk management and underwriting practices;

1.3.    The Credit Consumer has no right to be granted credit and the Credit Provider reserves its right to decline a credit application based on reasonable risk management and underwriting practices.

Protection against discrimination in respect of credit

  1. The Credit Provider will assess, process, grant and or refuse the application of a Credit Consumer, and enter into a credit agreement with a Credit Consumer in a non-discriminatory manner which is in compliance with Section 9 (3) of the Constitution and Chapter 2 of the Prevention of Unfair Discrimination Act;
  2. The Credit Provider shall not enter into a credit agreement with an unemancipated minor and such refusal will not be regarded as unfair discrimination;
  3. The Credit Provider shall develop and make use of a non-discriminatory risk management and underwriting model to evaluate and determine the credit risk pricing for the Credit Consumer.

Rights to reasons for credit being refused

  1. The Credit Consumer shall have a right to request from the Credit Provider:

5.1.    Reasons for the rejection of its credit application;

5.2.    Reasons for offering a lower credit limit than applied for or reduction of a credit limit;

5.3.    Reasons for the refusal of credit limit increase;

5.4.    Reasons for the refusal to renew a current credit facility;

  1. If a decision on the reasons as provided for in clause 5 is based on an adverse report as provided by a credit bureau, then the Credit Provider will inform the Credit Consumer in writing the name, address and details of the credit bureau.

Right to information in an official language

  1. The official language used by the Credit Provider is English, however the Credit Provider will in a reasonable manner endeavour to produce all relevant documentation to the Credit Consumer in a language which it understands

Right to information in plain and understandable language

  1. The Credit Provider will endeavour to provide to the Credit Consumer documents which make use of plain, simple and easily understandable language.

Right to receive documents

  1. The Credit Provider will deliver to the Credit Consumer all documents and information relevant to the credit application and or credit agreement from time to time as required by email.
  2. The Credit Consumer will not be charged a fee for the delivery of original documents;

10.1. The Credit Provider will within one year deliver one replacement copy of original documents to the Credit Consumer at no charge on written request;

10.2. Thereafter the Credit Provider will be entitled to charge a search and production fee for further replacement documents which fall outside of those provided for in clause 10.1.

Protection of Consumer Credit Rights

  1. The Credit Provider will treat the Credit Consumer in a fair and non-discriminatory manner and shall not;

11.1. Discriminate against the Credit Consumer compared to other credit consumer;

11.2. Penalise the Credit Consumer unfairly;

11.3. Make changes to or propose changes to a credit agreement, which changes would have a detrimental effect on the Credit Consumer;

11.4. Take action which seeks to accelerate, enforce, suspend or the termination of a credit agreement;

11.5. Penalise the Credit Consumer based on provisions of the National Credit Act which have been declared unlawful;

11.6. Make changes to the terms and conditions of the credit agreement based on provisions which have been declared unlawful, expect to the extent that such changes correct unlawful provisions;

11.7. Take action which seeks to accelerate, enforce, suspend or the termination of a credit agreement with another party to an impugned agreement.

Confidentiality, personal information and consumer credit records

  1. The Credit Provider is committed to compliance with the with the Protection of Personal Information Act. No. 4 of 2013 (“POPIA”).
    For purposes of this policy, the following words bear the meanings associated with them below:

12.1. “Personal Information” means information relating to an identifiable, living, natural person, including:

12.1.1.    Financial information related to a person, including information provided by the Individual, or information obtained from a Credit Bureau or from CIPC (the Companies and Intellectual Property Commission);

12.1.2.    Any identifying number, symbol, email address, physical address, telephone number, location information, online identifier or other particular assignment to the person; and/or the name of the person if it appears with other personal information relating to the person or if the disclosure of the name itself would reveal information about that person.

  1. In the course of The Credit Providers customer verification and credit vetting processes, the Credit Provider will collect and process Personal Information related to The Credit Consumer. The Credit Provider may also share such information inter alia with third parties that provide credit insurance, credit vetting services, collection services and finance.
  2. The Credit Provider is committed to ensuring that any processing of Personal Information related to The Credit Consumer are limited to the express purposes of opening and management of an account for the Individual and that such processing is compliant with POPIA.