TAKE­OUTS

Saturday Star - - P E R S O N A L -

You need to reg­is­ter as a credit provider if the fol­low­ing ap­ply:

◆ You want to loan some­one money, even if it’s just a one-off event.

◆ The loan is of any size (thresh­old of R500 000 has been re­duced to zero).

◆ The trans­ac­tion is arm’s length – in other words, it is not a ca­sual loan be­tween friends or fam­ily where there is no le­gal agree­ment in place stip­u­lat­ing re­pay­ment terms and in­ter­est. If the loan has been bro­kered by a third party such as a lawyer, even if it is to a fam­ily mem­ber or friend, and it is to be re­paid in in­stal­ments with in­ter­est charged, you must be reg­is­tered.

◆ Reg­is­tra­tion as a credit provider in­curs costs and may take a year or more.

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