We rarely have occasion at Noseweek to borrow an editorial from another, competing publication. This is one such occasion: we cannot think of a better way of saying it than Patrick Cairns has done recently on Moneyweb:
Unsecured lending in South Africa has always had its detractors. Since 1992 when an exemption to the Usury Act was first granted to allow microlenders to operate legally, there have been people who are uncomfortable with the practice.
It doesnt take much to argue that, ultimately, the business models practised by microlenders in South Africa are exploitative, degrading and profoundly negative in their impact on the economy.This is a sentiment that is not limited...
While mineworkers have resumed work on the platinum belt in the Rustenburg area and are generally pleased with the outcome of the wage agreements reached subsequent to the five-month-long strike, what remains a worry is the present state of their credit records.
Data from credit bureau Compuscan reveals that mineworkers may now find themselves in a more detrimental financial position than before the strike. What is equally concerning is the ripple effect that the level of overindebtedness has had on credit providers and local businesses, Compuscan senior data analyst Jacobus Eksteen tells Mining Weekly. The study was based on a representative sample of mineworkers, with an average...
They often have no banking relationships the Supreme Court calls them the unbanked because they dont make enough to keep money in an account. Come payday, they cash their check (for a fee), pay their bills, and buy groceries and gas. We hope. All it takes to throw a wrench in the works is a car repair bill.
Heres where we come to the small argument for small lenders. For those who have nobody in their lives who will lend them $200 for a month or two, the small lenders do provide a service. Banks and credit unions dont care about this kind of lending because they cant make money at it, and the transaction is too risky.
On the other hand, consider their impact: First, the ruinous...
Credit plays a vital role in growing the economy of South Africa. Without it many people would not be able to buy a house, a car or pay for other lifestyle related expenses. However, it is important that consumers considering credit are fully aware of how it works and are confident they will be able to pay it back in order to prevent the debt becoming a future financial burden.
This is according to Debbie Sharwood, Head of Communications of Wonga.com South Africa, who says that consumers take out loans for different purposes, but often do so without understanding or considering the type of loan being offered.
MONTREAL, QUEBEC–(Marketwired – Sept. 10, 2014) – Donner Metals Ltd. (Donner or the Corporation) (TSX VENTURE:DON)(FRANKFURT:D4M), announces that it has entered into a shares for debt settlement agreement with each of Keats Consulting Inc. (Keats), Elysian Enterprises Inc. (Elysian) and Zorayda Consulting Ltd. (Zorayda) pursuant to which Donner will issue up to a maximum of 2,556,538 Common Shares of the Corporation (the Shares for Debt) at price per share equal to the greater of (i) $0.13 and (ii) the applicable Market Price (as defined in the Corporate Finance Manual of the TSX Venture Exchange) on the date of the upcoming annual and special meeting of the Corporation (the...
A day after dna reported about corruption and misappropriation of money in Dhule District Central Co-op Bank, state cooperation minister Harshvardhan Patil has denied all the allegations levelled against him by MLA Anil Gote. Gote has alleged that Patil is involved the scam.
Although the state Anti Corruption Bureau (ACB) has sought permission from the government to probe the minister, Patil told dna that he is not involved in any corruption or malpractice of the bank.
The allegations are baseless and false. I am neither a member nor a loaner of the bank. In my capacity as the cooperation minister, I have not been involved in any transaction of the bank. How can a minister...
VANCOUVER, BRITISH COLUMBIA — (Marketwired) — 09/02/14 — Opal Energy Corp. (the Company) (TSX VENTURE:OPA.H) announces that it is completing a private placement (the Offering) of 6,600,000 units (Units) at a price of $0.06 per Unit. Each Unit will consist of one common share (a Share) and one share purchase warrant (a Warrant). Each Warrant will be exercisable into one additional Share at a price of $0.12 for a period of 12 months from closing. All Shares and Warrants issued under the Offering will be subject to a four month hold period which will run from the date of issuance. The Offering is subject to NEX and shareholder approval. Proceeds of the Offering will be used...
SARAJEVO, Sept 17 (Reuters) – Bosnias aluminium smelter
Aluminij Mostar said on Wednesday it was on a path to
recovery after a regional government approved a debt settlement
deal with state-owned power board EPHZHB.
The Balkan countrys sole aluminium smelter, which is also
its top exporter, narrowly avoided closure several times in 2013
and this year because of its growing debt.
Like others smelters across the world, Aluminij has been hit
by high electricity prices and a sharp fall in aluminium prices
in the last three years caused by oversupply.
The government of the autonomous Bosniak-Croat Federation,
which owns 44 percent of the smelter,...
The personal loan industry, led by new lending platforms as well as automated traditional lenders, is changing the face of consumer credit with responsible borrowing alternatives, said Doug Lebda, founder and CEO of LendingTree. These lenders are offering consumers more attractive rates with a customer experience thats second to none. At LendingTree, consumers can compare options from multiple lenders, regardless of the persons credit. With many lenders on the marketplace, our next goal is to dramatically increase marketing, online and offline, to tell the story to consumers nationwide and help lenders scale their businesses.
LendingTrees personal loan marketplace currently has 11 participating...