KINGSTON, Jamaica – The Consumer Affairs Commission (CAC) is urging individuals to exercise caution and diligence when considering financial assistance options, such as loans, during the Christmas season.

Speaking during a Jamaica Information Service (JIS) ‘Think Tank’ at the agency’s head office in Kingston on Thursday, CAC Chief Executive Officer (CEO), Dolsie Allen, said the Yuletide season often yields enticing offers from financial institutions, such as quick loans or deferred payment plans.

However, she emphasised the need for consumers to bear in mind that no offer or proposal comes free or without conditions.

“We have to ensure that we do the math before we make our decisions. So we encourage you, if you don’t fully understand all the terms and conditions of these proposals or these offerings, ask the relevant questions when you go shopping for a loan,” Allen underscored.

She further pointed out that with the increase in cybercrimes, consumers must be extra vigilant to avoid scams.

“Ensure that you have requisite information and that you don’t allow yourself to be scammed by anyone or any institution,” the CEO said.

Allen pointed out that even within legitimate institutions, there are people with nefarious intent who will try to take advantage of unsuspecting individuals during the busy Christmas period.

“Some places that [are] lending money now, they don’t give you contracts at all. You [should] ask for something in writing, so you can know exactly what the terms and conditions are, what’s the interest rate, how much money [you are] getting, when do [you] have to pay, what is the monthly payment and what happens if there’s any default,” Allen added.

She emphasised that to safeguard themselves, consumers should ask for contracts and read the fine prints before committing to any financial offer being negotiated or considered.