Quick Credit Charges 12% interest a month on Each Loan and this is Collapsing Businesses - Dr. Ghost

Quick Credit Charges 12% interest a month on Each Loan  and this is Collapsing Businesses - Dr. Ghost

A lenders and financial company located in various parts of the country called Quick Credit is actually contributing to the hardships in this country.
This financial company is registered under the Ghana Lenders association, they give loans to traders, business persons and various institutions. This company charges an extravagant 12% interest on every loan to their clients, and this abnormal interest is already killing businesses because their mode of repayment is also very hash and very unfriendly. They give only 13 weeks for one to finish paying the loans plus a whooping 36% within that period of 13 weeks which is absolutely 3months 1 week. One must pay the loans on weekly basis, especially on Fridays and client is not given a space for default and when client's default even a day within these number of weeks given for repayment the embarrassment they face is beyond all standards.
The government of Ghana must sit up and clear these economic threatening companies from the country. Many petty traders who innocently took loans from this company had their shops closed as a result of their ignorance to the rates charged on the loans.
I personally took GHC5000 from them and pays GHC 5277 every Friday for a period of 13 weeks plus a processing fee of GHC 250

Therefore: Amount taken GHC5000
                    GHC 527×13weeks =  Ghc 6851
                     GHC6851 + 250 processing = GHC7101
: You are paying GHC2101 as interest on GHC 5000 for a short period of 13weeks
So we have more them 36% on Each Loan irrespective of amount taken.

This is as bad as hot, President must stop this nuisance.

By: Financial activist