Simione Tuvuki 
The Consumer Council of Fiji has recorded a total of 65 complaints with a monetary value of over $20,000 against money lenders from 2018 till date.
Chief Executive, Seema Shandil says this is a substantial number of complaints, most of which are from lenders who charge borrowers excessive interest rates.
Shandil says this is among the common complaints which continue to be dealt with by the council.
“In a haste to get access to that money, they sign any contract or sometimes they take money without signing the contract … they go to the extent of giving their access or propriety cards to the money lenders. On the other hand, money lenders charge interest rates which are above the required, which is 12% … some end up paying 25% or 26% which has an impact not only on the borrower, but the entire families live.”
Shandil emphasizes that it is illegal for money lenders to charge borrowers with interest rates above the standard 12 percent, as per the Money Lending Act.
She says they have also received complaints about dishonest and disloyal borrowers.
Shandil says they are working closely with the money lending industry on acceptable business practices to ensure fairness for both parties involved.
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