For many South African’s, taking out a loan is a necessary step in securing their futures and that of their children. Whether for paying a mortgage, starting a business, or just making ends meet, the ability to borrow money is a vital component of today’s society and economy.

However, very few people realise the costs and risks of their loan. Banks hold all the cards, with very little information being available on what they do your money, their rights to reclaim debt, and who exactly benefits from massive interest rates and loan securities.

According to the New Economic Rights Alliance (NewERA), a group dedicated to obtain transparency in the South African banking system, the hidden operations of South African Banks is unlawful and so severe as to be a breach in human rights. In reaction to this the organisation is about to serve a High Court summons on the four main banks of South Africa, in the hope of building a class action lawsuit against the banks, and they need your support in securing transparency and fairness in our banking system.

NewERA outline the reasons behind their actions here, and hope to secure massive benefits for the South African public, including greatly reduced interest rates, more competitive choice for loans, and greater transparency and accountability from our banks.

For more information on this vitally important cause click here.

To support NewERA and and join the class action lawsuit click here.

Image source