Beware the loan shark

2019-01-18 17:47

In November, City Press ran an article about a reader who was desperate after paying more than R65 000 to a loan shark for a R15 000 loan.

“I have told them that I have paid enough, but they still want more. They are in possession of my son’s passport and said they will take my bank card at the end of this month. What can I do?”

The details were handed over to the National Credit Regulator (NCR), which investigated and conducted a raid on the loan shark in Wynberg, Cape Town.

According to the regulator, the lender was operating illegally and was found in possession of a loan book, two passports and a consumer’s cellphone. She was detained and a case was registered at the Wynberg Police Station.

If you are being threatened by a lender or they have taken any of your documents or bank cards, you should report them to the NCR by calling 011 554 2600 or via

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May 19 2019