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Definition

The Usury Act (73 of 1968) is designed to place limits on the interest which can be charged on lending various amounts of money and to regulate the disclosure of those interest rates. The maximum interest rates on various types of credit are set by the National Credit Regulator and are available at:
<a href="https://www.gov.za/sites/default/files/gcis_document/201511/39379gon1080.pdf">https://www.gov.za/sites/default/files/gcis_document/201511/39379gon1080.pdf</a>.
Maximum interest rates are set in relation to the current repo rate, thus, for example, mortgage agreements can charge a maximum of the repo rate plus 12% while unsecured debt can incur interest of up to the repo rate plus 21%. Anything above these rates is regarded as usurious and is illegal.

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