Survey reveals South Africans are turning to mashonisas for survival
As South Africa’s cost-of-living crisis deepens, rising reliance on credit is driving some people to borrow from informal lenders, commonly known as mashonisas or loan sharks, to get through the month.
Often, using credit to cover a temporary shortfall can start a cycle of borrowing that eventually results in a situation where 40% or more of take-home pay is needed to repay debt.
Being credit dependent but not being able to access it through regulated channels instead drives people into the arms of informal lenders,” Manyanya.
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