Who regulates payday loans? The main force behind lending regulation of this nature would be the National Credit Regulators. A body that monitors credit and lending of all sorts, they ensure the standards of lending are upheld and the guidelines are followed. Regulating all credit in South Africa, the National Credit Regulator is the figure head of the industry so to speak, setting the tone for conduct and discourse.
Apart from the NCR however, payday loans fall into an in between category of credit. Not an account that can be seen as reckless lending and not secured by assets, this is a largely trust based loan that can incur huge charges if not followed up on.