National Credit Act, 2005 (NCA) 27 March 2023 1 Min Read Last Update: 27 March 2023 Quiz Time Welcome to National Credit Act, 2005 (NCA) Quiz You can practice as many times as you want until you get all the answers 100% right. Let's get Started The National Credit Act (NCA) applies only to credit providers and not to consumers. True False The National Credit Regulator (NCR) was established under the NCA to enforce its provisions and promote responsible lending practice True False The NCA does not provide consumers with access to mechanisms for resolving disputes with credit providers. True False The NCA promotes transparency in the credit market by requiring credit providers to withhold information about the terms and conditions of credit agreements. True False The NCA requires credit providers to conduct affordability assessments before granting credit to consumers. True False The National Credit Act does not regulate interest rates and fees charged by credit providers. True False The NCA only regulates formal credit providers such as banks and excludes informal credit providers like loan sharks. True False The National Consumer Tribunal (NCT) is a dispute resolution mechanism established under the NCA to resolve disputes between consumers and credit providers. True False Company A, a well-established furniture retailer in South Africa, noticed an increase in cash sales after the implementation of the National Credit Act (NCA). Is this a possible outcome of the NCA? True False ABC Bank, a South African credit provider, does not conduct affordability assessments for its customers before granting credit, as required by the NCA. Is this a violation of the NCA's regulations? True False XYZ Store, a popular electronics retailer in South Africa, experiences improved cash flow after implementing the NCA's requirements for affordability assessments. Is this a potential advantage of the NCA for businesses? True False Shoprite, a well-known South African retailer, offers credit to customers without conducting affordability assessments, which aligns with the consumer's right to apply for credit and be free from discrimination. True False Absa Bank, a major South African bank, refuses to provide a customer with reasons for denying them a credit application. This action is in line with the consumer's right to receive information in plain and understandable language. True False First National Bank (FNB) in South Africa offers credit with hidden fees and charges, which is not disclosed to the customer at the time of signing the credit agreement. This practice is compliant with the NCA's requirement for transparency. False True Standard Bank, a prominent South African bank, allows a customer to return goods purchased on credit to settle their outstanding debt. This action supports the consumer's right to return goods to settle outstanding debt. True False Nedbank, a South African financial institution, shares a customer's personal information and credit report with other credit providers without the customer's consent. This practice is compliant with the consumer's right to protection of personal information. True False 1 out of 17 Time is Up! Time's up Like what you read? Subscribe to our Newsletter Submit Subscribe to our email newsletter to get the latest posts delivered right to your email.