Lockwood said short-term loans were those with a maximum value of R8,000 and a term of repayments of up to six months. These loans were advanced by individuals and companies using their own capital and not from depositors’ cash.
“Sales throughout the economy would increase by R2.9bn, employment supported would rise by close to 50% to more than 15,000 jobs, and government could expect to collect around R340m in additional taxes,” Lockwood said.If we want to grow the economy and create jobs, it is clear we need to make responsible short-term credit more accessible, particularly to lower-income households.
The index found that total new credit extension by all forms of consumer credit dropped by 57% under the hard lockdown due to Covid-19 in the second quarter of 2020.
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