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Eye on new money lenders

GERALYN EDWARD, [email protected]

Eye on new money lenders

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CASH-HUNGRY BARBADIANS are racking up thousands of dollars in loans from companies that are not regulated locally.

The chief executive officer of the Financial Services Commission (FSC), Randy Graham, has confirmed that at least two companies with a total of four local branches are operating legally, but not under the supervision of either the Central Bank or the FSC because of a loophole in the law.

Fast Cash, Axcel Finance and at least one large retail company are among the firms offering loans to people in need of quick cash and who want to bypass commercial banks and credit unions.

Information on the interest rates charged, the terms and conditions of the loans, customer complaints, the number of people seeking loans, or even the total debt of Barbadians to the companies are not being captured or supervised by any state agency.

Please read the full story in today’s Sunday Sun, or in the eNATION edition.