Editorial

COMMON-MAN BE PROTECTED FROM SHYLOCKS

The law must be put in placeto protect borrowers from the marauding lenders who will stop at nothing until they see that they milk their victims dry. These people are commonly known as shylocks and also go with other names like loan sharks, pawnbrokers and bankrollers. What the chairman of the business union, Ayii Duang Ayii revealed on Wednesday this week has been disturbing for a long time. It is commonly known that commercial banks do not give loans to the general public and if they do, the loan must have authenticated and proper collateral that can stand the test of time. This trend has left the door open for some privileged individuals briefcase dealers and some forex bureaus to cast theirs. These people are thieves and steal from the poor who end up losing their own families due to having all their properties sold to recover the loan. Some attorneys’ charged with opening cases in Police Station makes it even worse  by hearing one sided report they peg their decision on to bring to book the victim of the shylocks. Loan taken in good faith should be paid back at reasonable interests. Not 100 percent and not by jailing someone. The time spent in jail or Police Station does not stop the interest of the loan from accruing. This is double punishment, the more reason(s) the government must do something and do it immediately to stop the small and middle class people whose income are minimal and mostly depend on such loans from suffering in the hands of these people, both the union and the chamber of commerce should work with relevant arms of the government to come up with legislatives that could go a long way in protecting the victims. It is not too late and each case taken to Police Station should be thoroughly investigated before being opened.

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