What are the fees that moneylenders can charge?

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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