SVP has continually expressed concern about the prevalence of high-cost borrowing from licenced moneylenders among the people they assist, many of whom vulnerable and trying to cope on a limited weekly income. Given the vulnerable and stressful situations, people are faced with, the proportionately large amounts of credit available, and interest rates up to and over 200% are therefore predatory and exploitative. We, therefore, welcome the opportunity to respond to the proposed enhanced protection measures outlined in the Review of the Consumer Protection Code for Licensed Moneylenders.
Published
02 Jul 2018
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