Momentum is an authorised Financial Services and Credit Provider in terms of the National Credit Act (NCA).
Financial services are the products and services provided by institutions in the finance industry that deal with the management of money. Financial services facilitate a range of financial transactions such as loans, insurance, investment opportunities and money management. Banks, insurance houses, investment funds, consumer finance companies, stock brokerages and credit card companies all provide financial services.
Credit providers are organisations granting credit as part of a credit agreement either to the general public or to companies. Credit is a contractual agreement whereby a borrower receives value now with agreement to repay the lender at a later date. Most credit products include a deferred payment and an interest charge or fee which is payable on the outstanding balance. Products typically included are unsecured (personal) loans, instalment agreements, incidental credit agreements, overdrafts, credit cards, mortgages, secured loans, leases and credit guarantees.
Since Momentum offers financial services and grants credit to clients, it is required to be registered as a financial services and credit provider with the National Credit Regulator under the NCA. All financial services providers and credit providers must comply with the provisions of the Act and ensure that consumers understand the nature of their credit agreement and can afford to repay their loans.
Last updated 29 July 2010 17:45