Don’t patronise illegal money lenders, FG cautions

The Public Complaints Commission (PCC) has called on Nigerians to desist from patronising illegal and unapproved loan vendors.

The commission’s Director of Public Sector Investment, Ewa Udu, made the call Tuesday in Gombe, during a one-day stakeholders’ forum to investigate the lapses between individuals, unregistered loan vendors and regulatory bodies.

He lamented that the loan vendors, especially those that operate online were causing serious setbacks on public and private investments.

“The proliferation of unregistered, unapproved loan vendors has a direct impact on investment. The activities of such vendors have jacked their interest rate as high as 45 per cent per annum, with so many of the vendors online,” he said.

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He explained that the unregistered loan vendors popularly known as “loan sharks,” were known for their aggressive recovery methods and very high-interest rates.

“In the end, the victims realise too late, the full extent of their burden when repayment begins,” he added.