The Consumer Council of Fiji is considering asking for the regulation of the Money lending Act after concerned were raised by consumers.
Manager Research and Policy Josua Mudreilagi said they are making recommendation that Money lending Act and Money lending business should be regulated by the Reserve Bank of Fiji.
Mudreilagi said according to a survey conducted for the past five years on 700 households, 56% borrow money from money lenders and the amount ranges from $10 to $1,500.
Mudreilagi added the need for borrowing is because of the cash flow problem in the household, daily needs, utility bills, bus fares, and children school fee.
He said the normal interest rates charge by money lending businesses is 12%.
Story by: Watisoni Butabua
Feature
Regulate money lenders – Consumer Council
