Consumer watchdog to take Capitec Bank to court over lending practices

Ray White interviewed Clark Gardner, CEO of Summit Financial Partners, on The Money Show.

Gardner is the author of the mystery shopper report that last year exposed Lewis Group’s unlawful credit practices.

Summit Financial Partners has already filed multiple complaints to the National Credit Regulator over Capitec Bank's lending practices.

Now it is going to court.

Scroll down for quotes from the audio below.

It’s bad for our economy when people are charged interest of 150% to 600%!

Clark Gardner, CEO of Summit Financial Partners

Capitec Bank asks three questions via the ATM, then gives the payday loan.

Clark Gardner, CEO of Summit Financial Partners

Only Capitec Bank has this product.

Clark Gardner, CEO of Summit Financial Partners

We’ve tried our best to get Capitec Bank to see this.

Clark Gardner, CEO of Summit Financial Partners

We want the court to tell Capitec Bank to refund those who took out these loans.

Clark Gardner, CEO of Summit Financial Partners

The dispute is of a technical nature… We strongly disagree with the allegations…

Capitec Bank statement

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