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Stop patronising unlicensed and illegal loan vendors – PCC

THE Public Complaints Commission (PCC) has urged Nigerians to stop doing business with unlicensed and illegal loan vendors.

The commission’s Director of Public Sector Investment, Ewa Udu, made the call yesterday in Gombe, during a one-day stakeholders’ meeting to look into the gaps between individuals, unregistered loan vendors, and regulatory bodies.

He bemoaned the fact that loan vendors, particularly those who conduct business online, are a serious setback to both public and private investment.

“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.

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.

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