On this point, the Department of Trade and Industry, not the SEC, has to decide on the range of interest rates that moneylenders
can legally impose on the loans or credit accommodations (e.g., purchase of appliances) they extend to their clients based on, among others, the amount involved, payment period, object of the loan, and paying capacity of the debtor.
"Because of that they may not be able to get credit anywhere else so they turn to moneylenders
and end up taking out loans at hugely-inflated interest rates.
"Seven hundred and eighty acres for twenty two families and yet they are starving and depending on moneylenders
!" I exclaimed in despair.
"Our association helps people trapped in such issues and talks with moneylenders
, who take into custody their (borrowers') important documents like post-dated and signed blank cheques, ATM cards, CPRs and even passports -- and later blackmail them into paying much more than they owe them," he said.
High interest rates by moneylenders
also cited as a reason behind suicides
Now we learn moneylenders
have returned as the Church of England invests in Wonga.
If you feel that you have been the victim of an illegal moneylender
then here is your chance to be heard.
A welfare officer said private moneylenders
in the UAE are loosely referred to as the "blade mafia".
In order to test the idea that moneylenders
are not usurious, several things need to be done.
Abu Dhabi, Sep 6(ANI): The Indian couple, who allegedly committed suicide after hanging their daughter in Ras Al Khaimah in the United Arab Emirates could not return to India because the husband had kept the passports of his wife and daughter with a private moneylender
as a security guarantee.
With the full implementation of the revised moneylending business law aimed at helping reduce the number of heavily indebted borrowers, moneylenders
will be required to limit loans to one-third of borrowers' annual income.
Realizing how common this situation was in rural Bangladesh, Yunus launched a pilot project that allowed people like Begum to break out of their bond with moneylenders
, poverty and debt.