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Watch out for these lenders

Personal Finance

The Financial Services Board (FSB) has issued a warning that you should act with caution if you receive the offer of a loan from Info Loans Services. The regulator says that Info Loans Services has been misusing Stanlib Wealth Management's financial services provider (FSP) number and has been attaching its registration certificate to correspondence sent to prospective clients.

Stanlib Wealth Management, which does not offer loans, is in no way affiliated with Info Loans Services and was not aware that its certificate was being used by a third party.

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The FSB says that Info Loans Services is not an authorised financial services provider in terms of the Financial Advisory and Intermediary Services (FAIS) Act.

Also beware of dealing with Zip Toch (Pty) Ltd, trading as African Loans Online. African Loans Online is not authorised in terms of the FAIS Act to provide financial advice and intermediary services.

The FSB has received information that Jack Whyte is a senior business consultant for African Loans Online, which provides loans to consumers.

Whyte tells prospective clients that the company has the FSP license number 54345, and that it is situated at Suite 201, Eastgate Business Park, South Road, Sandton, 2063.

The FSB has confirmed that no connection exists between Zip Toch, or African Loans Online, and FSP license number 54345, which does not exist.

Before doing business with an individual or company offering financial services, consumers are reminded to check the credentials of the person and/or company. You can do this by calling the FSB on its toll free number (0800 110 443) or by checking its website, www.fsb.co.za, to see whether or not the institution or person is authorised to render financial services.

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