Apr 19, 2021
South African consumers are under immense pressure amid record unemployment rates and rising cost of living as the cost of coronavirus pandemic to the economy becomes clearer.
The country’s unemployment crisis was already a major cause for concern prior to the onset of the pandemic. But, Covid has triggered an unparalleled spike in job losses and fears around a deep and persistent recession.
This has dented consumer confidence and reined in spending, with customers trying to save for rainier days and avoid revolving debt. Approximately 45% of consumers intend to decrease spending across most discretionary categories, according to McKinsey.
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BPNL Loans Are Surging, But Are They Right For You?
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9 Mar, 2021 Author Ranina Sanglap
Australia s buy-now-pay-later players may need more regulation to protect customers after the point-of-sale credit industry has grown rapidly in recent years, helped in part by an absence of oversight, experts say.
Companies such as Afterpay Ltd., Zip Co. Ltd. and Brighte Capital Pty. Ltd. have attracted droves of consumers, especially younger buyers on e-commerce platforms, by allowing them to pay for their purchases in installments and not charging them interest. That has also led to criticism of their lending practices, mainly from customers being charged heavy late fees.
Buy-now-pay-later, or BNPL, players have so far avoided regulation as provisions of the Australian National Consumer Credit Protection Act of 2009 do not apply to certain types of loans, including interest-free credit for a short term. The industry adopted a code of conduct for self-regulation from Mar