Sun | Sep 24, 2017

Consumer Affairs cautions about same-day loan operators

Published:Tuesday | December 2, 2014 | 12:29 PM

As the Christmas shopping season picks up, the Consumer Affairs Commission is cautioning Jamaicans about how they do business with same-day loan operators.



Director of Communications Latoya Halstead says the Commission has received anecdotal evidence that some of these businesses have been engaging in questionable activities.



Halstead says the Commission is concerned that it appears that these businesses are using processing fees as a means to generate revenue with no real intention to grant loans.



She further says the Commission has been made aware of a practice by some same-day loan operators granting loans to persons who they know cannot repay.



Halstead says it appears that the intention is to go after the assets used as collateral by applicants.



It is against that background that she says the Consumer Affairs Commission is urging consumers to exercise caution when applying for loans especially during the Christmas season.



She was speaking on Real Business on Power 106 FM this morning.



Meanwhile, the Director of Communications is appealing to consumers to report all instances of inappropriate or illegal activities by merchants.



She points out that it is an offence for merchants to advertise goods that are not in stock or promote items that carry different specifications than what was originally advertised.



Halstead says it is illegal for shop owners to refuse to give refunds.



She is urging consumers to always retain their receipts and to obtain a warranty, especially when buying electronics.



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