There are six different types of fees that moneylenders are allowed to charge their clients, which is applicable beginning June 1, 2012 (according to IPTO). These fees including the following:

  • For late payment of interest or principal amount loaned
  • For any changes in the loan contract terms made upon request
  • For dishonoured cheques you have issued
  • For failed GIRO deduction from the borrower’s bank account, which is made as payment to lenders
  • For early termination of the loan contract or premature redemption of the loan
  • For any legal fees incurred upon recovering the loan

Fees other than the ones stated are not permitted, which means these should not be enforced by the lender.

Published On: July 20th, 2014

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