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JOHANNESBURG – In the six months after government issued proposed caps to charges on loans, unsecured credit ballooned by almost 30%, suggesting that lenders were maximising prevailing high interest rates before lower legal limits rained on their parade.

Unsecured lenders embarked on a lending spree in the months before caps to interest rates and fees came into effect, data from the National Credit Regulator’s (NCR) Consumer Credit Market Reports (CCMR) reveal.

From levels above R21 billion for the quarter to December 2013, unsecured credit growth fell during 2014 and the beginning of 2015, before spiking upwards for the six months to December 2015 – immediately after the Department of Trade and Industry (dti) first published the draft recommendations on caps to rates and fees towards the end of June 2015.

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