What was the main goal of the National Credit Code's design?

The main goal of the National Credit Code's design is to ensure ethical and professional standards in the finance industry. This legislation was implemented to promote transparency, accountability, and fairness in the provision of credit to consumers. By establishing clear guidelines and protections for borrowers, the National Credit Code seeks to mitigate unethical practices and enhance consumer confidence in the financial system.

The focus on ethical and professional standards means that lenders are required to adhere to responsible lending practices, ensuring that consumers understand their obligations and the terms of their credit agreements. This regulatory framework aims to create a level playing field in the lending market, where borrowers can access credit products that are suitable and fairly priced.

Other options, while having their own merits, do not capture the primary intention behind the National Credit Code. For instance, while facilitating faster loan processing or reducing loan defaults could be seen as positive outcomes, they are not the main objectives of the National Credit Code. Similarly, increasing competition among lenders is beneficial but is more a secondary effect rather than a primary goal of ensuring ethical practices in credit provision.