Micro-Loan – Legal Fundi

Consumer Law > The National Credit Act (NCA) No 34 of 2005 > Types of Credit Agreements > Micro-Loan

The National Credit Act (NCA) No 34 of 2005

Types of Credit Agreements

Micro-Loan

Micro-Loan

The NCA defines a micro-loan as a ‘short-term credit transaction’. This can be any amount below R8 000 and must be repaid over a period of not more than 6 months. The interest rate on micro loans is usually very high.

(See: Microlending and Microlenders)

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