C
Legal
Cooling-Off Period
After you sign a credit agreement, you've got five business days to change your mind and cancel it, no questions asked, no penalty. The law (Section 121 of the NCA) says so. You've gotta return any money or goods, but that's it. Most people don't know this exists and it's probably the one consumer protection that actually works.
Usage Examples
"Mpho signed for a R30,000 personal loan at 24% interest on a Friday. By Monday he realised it was a dumb decision and cancelled within the cooling-off period. No drama."
"Thandiwe bought a lounge suite on credit, got it home, realised it was too big for her space, and returned it the next day within the five-day window. Account cancelled, no fees."
"The cooling-off period doesn't apply if you actually asked for the credit — like if you called the bank and requested a loan increase. That's on you."