Do you impose any other fee aside from interest and late fee on the loan?

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What are the fees that moneylenders can charge?

i. A fee not exceeding $60 for each month of late repayment;

ii. A maximum rate of late interest of 4% per month for each month the loan is repaid late;

iii. A fee not exceeding 10% of the principal of the loan when a loan is granted;

iv. Legal costs ordered by the court for a successful claim for the recovery of the loan

v. You can also check our guide on how to calculate your monthly loan payment