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