2 Loan Sharks Convicted and Sentenced To Jail Time
2 people who were illegally operating as unregistered credit providers were arrested for breaking the National Credit Act (NCA) requirements to register as a credit provider.
The two (Baby Miko and Sibusisio Nyundu) had been lending out money and charging fees and interest and so should have registered with the National Credit Regulator (NCR). They had not done so. Instead, they were offering credit to people however they liked and at whatever rates they liked.
More than that, the 2 illegal loan sharks had been taking consumers’ bank and SASSA cards as “security” from consumers. This is also illegal according to the National Credit Act (and other laws) and if consumers are ever asked for these items they should report it to the police immediately (and refuse).
Pay or Go To Jail
Baby Miko now has the choice to pay R8000 or go to jail for 10 months and Sibusiso Nyundu can choose to spend 12 months in jail or pay a fine of R10 000.
Hopefully, they can get a loan from a registered credit provider and avoid jail time.
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