The maximum interest rate that can be charged by a money lender is 12% per annum.
In a money lending report 2007 compiled by the Fiji Institute of Applied Studies, 9.7% of borrowers felt cheated, mostly regarding large interest rates charged on loans.
While 28% of those surveyed said they were not given an explanation on the interest charged and also terms and conditions.
Meanwhile, an interest of over 12% per annum is regarded as excessive and contrary to the law.
Story by: Gwen Mc Goon
