How do I contact loan sharks?

If you need to report a loan shark urgently please call our helpline on 0300 555 2222 where someone is always available to talk to you.

Can you not pay back a loan shark?

Failure to repay a loan is not a criminal offense. In fact, it’s illegal for a lender to threaten a borrower with arrest or jail.

How do you deal with loan shark harassment?

Report Them To The Authorities If you feel you or anybody you know has worked with a loan shark, you can call the X-Ah Long hotline at 1800-924-5664. Alternatively, you can file a complaint with the Registry of Moneylenders at 1800-2255-529.

How do I report illegal money lenders in South Africa?

For more information, contact the FSCA on 0800 202 087 / 0800 110 433 or visit its website at www.mylifemymoney.co.za . Tips to spot an illegal money lender: They lack an NCR licence. They require items of security such as your identity document, bank card or driver’s licence.

What happens to unpaid online loans?

When you fail to pay your EMI on the online loan, the lender will send you an intimation about the amount due to be paid. You can then repay the loan with a penalty as prescribed by the lender. Failing to pay continuously for more than 6 months will make the lender to write off your account.

What happens if I don’t pay my loan back?

If you don’t pay back a personal loan then you will default on the loan. This means that the lender may sell your debt to a debt collector. You’ll likely see a drop in your credit score, you’ll be contacted by debt collectors, and it could affect your ability to get loans and good interest rates for years to come.

Can a loan shark sue you?

It is a common question that can a loan shark take you to court? The short answer to this question is Loan sharks can’t take you through the courts for the money you owe them, because the way they’ve lent you money is illegal.

Can a loan shark take you to court in South Africa?

It’s illegal to lend money without a licence, but it’s not illegal to borrow money from a loan shark. You don’t have to pay the money back. If the money was lent illegally, the loan shark has no legal right to collect it and they can’t take you to court to get it back.

How do I report an illegal SMS loan?

The public can call the X-Ah Long hotline at 1800-924-5664 if they suspect or know of anyone who could be involved in illegal loansharking activities. If you receive a cold call or unsolicited text message asking if you would like to take up a loan, call the anti-scam helpline at 1800-722-6688 to verify.

Can I report a loan shark in South Africa?

Loan sharks should be reported to the NCR and the South African Police Service. “Clients should also contact the NCR to verify whether the institution is registered as an authorised credit provider, in line with the National Credit Act,” said Clarke.