CITY ST VINCENT DE PAUL CAUTIONS AGAINST USING MONEYLENDERS

Date Published: 31-Aug-2012

St Vincent de Paul is cautioning city residents against the use of moneylenders.

The caution comes as families struggle with tighter budgets and the cost of back-to-school expenses.

It’s understood one firm is engaging in door-to-door leaflet drops on the east side of the city.

Some licenced moneylenders are charging interest rates of 187 percent, while unlicensed moneylenders are charging rates of more than 300 percent.