MK LOANS

LENOVO V330 For Sale!
Specs
Core i5 8th gen
Procesdor 1.6GHz
Graphic processor: intel HD graphic 620
512 HD
8gb ram
Battery: 3:30hrs
WiFi standard support
Color: black
Good for gaming
Price K4500 neg

Dstv explora 2 for sell K1000
Contact: 0966328193
Kitwe

THE MONEY LENDERS ACT

MONEY LENDER LICENCING IN ZAMBIA

By Mazuba Banda Esq

The Money Lenders Act, CAP 398, regulates the business of money lending in Zambia and seeks to protect the public from the exploitative practices of shylocks.
1. It is a legal requirement that every person carrying on, or involved in, the business of lending money must take out a money lender’s licence, renewable annually.
2. The Act does not apply to lenders regulated by any other Act, such as Banks or building societies
3. A licence can only be given to someone with a money lender’s certificate, which certificate expires on 31st December.
4. Money Lenders are precluded from advertising their business, except in line with the advertising requirements under the Act
5. Money-lending transactions that do not conform to the requirements under the Act are illegal.
6. The lending agreement must be in writing and can only be enforceable if signed before the money is lent or the security given.
7. The Act prohibits the charging of compound and penal interest. However, a lender may charge default interest.
8. Borrowers have a right to all information pertaining to their borrowing
9. The Act prohibits the charging of interest in excess of 48 % per annum.

3 DAYS FINANCIAL WORKSHOP!
Good news MK LOANS clients(friends and family)!
MK LOANS is glad to announce that on the 1st to 3rd February will be having a financial workshop which will cover among other things:
1. Financial literacy
2. Financial management/Budgeting
3. Entrepreneurial ideas in Zambia!
Participation fee is k100(for certification)
Contact:0966328193 for more information!