The New Credit Act came into effect on 1 June 2007. The aim of the Act is to protect the customer against unscrupulous lending. The two key words are ASSESSMENT and UNDERSTANDING. When you as a customer apply for credit you need to prove that you can repay the credit by completing an Income & Expenditure form and that you understand your obligation by signing a Declaration. For more details regarding the Act refer to the FNB website www.fnb.co.za.
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