By EARYEL BOWLEG

Tribune Staff Reporter

ebowleg@tribunemedia.net

CONSUMER Protection Commission (CPC) chairman Senator Randy Rolle issued a strong rebuke in the Senate yesterday against what he called “predatory lending institutions” offering unsecured consumer loans at “absurd and ridiculous rates”.

Senator Rolle alleged that some lending companies are charging Bahamians up to 20 percent in interest, taking advantage of vulnerable people in desperate need of credit.

He shared an anecdote about a friend who was seeking new clients for unsecured loans and cautioned Bahamians to be wary of such enticing yet risky offers.

“The Bahamian people have been suffering for far too long at the hands of financial predators,” Mr Rolle declared. He called for urgent reforms to combat exploitative lending, including stronger regulatory oversight, greater financial literacy, and mandatory transparency from lenders.

“There is a need to implement clear interest rate caps, mandate full disclosure of loan terms, and closely monitor non-bank lenders,” he said.

Highlighting a broader pattern of financial inequity, he pointed to disadvantages faced by local consumers: high interest rates, limited access to credit, excessive fees, lack of transparency, limited consumer protections, and a widening digital divide.

He also criticised predatory financing tied to home furnishing purchases. “I’m not calling names, but in some of these places, they make more money off the financing than they do of actual furniture. This is wrong,” he said.

He called for stronger partnerships between government, financial institutions, and civil society to create a fairer lending environment. He emphasised the need for public education campaigns to help Bahamians identify exploitative practices and make informed financial decisions.

Noting the lack of official data on predatory practices by non-bank lenders, he pledged that the CPC will work to expand both research and outreach. “I plan to be a change agent,” he said.