The Consumer Council of Fiji believes there is a need to review the existing money lending legislations after it found that very high interest rates are being charged by many moneylenders.

Chief Executive Officer, Premila Kumar said the money lending business rakes in about $2 million annually and amounts borrowed by people range from $10 to $1,500.

She said the Council's survey in Vitilevu and Vanualevu show that interest rates charged by the money lenders are very high ranging from 6% to 104 percent. Kumar said only four percent of the borrowers surveyed paid an interest rate below the legislated 12% yearly.

According to the Council Survey the largest reason for borrowing money is to handle cash flow problems in the household including meeting daily family needs, paying bills, meet children's education needs, funeral expenses, visa arrangement, paying for gang cane cutters, payment for rent, bus fares, debts, travelling to village, fundraising for Methodist Church and Mataqali and Drinking or socializing.

Kumar said there is enough evidence to prove that moneylenders are breaching the Moneylenders act however she said it is not monitored.

She said over the past 30 years, not even one moneylender has been prosecuted. The Consumer Council said there is a need to educate and raise awareness about money lending.