HIBAPRESS – Rabat
Ali Chtour, President of the Moroccan Association for the Defense of Consumer Rights and a member of the Moroccan University of Consumer Rights, warned of the continued lack of sufficient awareness among some consumers regarding bank borrowing operations, pointing out that this absence may lead to real financial crises in the event of misjudgment or a lack of accurate information.
Chtour explained in a statement to "HIBAPRESS" newspaper that a number of consumers sign loan contracts without fully reviewing their basic components, such as monthly installments, interest rates, additional fees, and potential changes related to market fluctuations or the nature of the loan. Chtour confirmed that attractive advertising offers may push some to make quick decisions without studying the details or considering their future repercussions, pointing out that Law 31.08 regarding consumer protection guarantees the consumer's right to obtain all necessary information before any financial transaction. The speaker stressed that the law obligates banking institutions to clarify the terms of loans and help the customer assess their ability to repay before signing the contract, noting, however, that Chtour observed that some cases show consumer fragility resulting from the absence of financial culture or a lack of banking guidance, exposing them to financial and legal problems. Chtour called on all consumers to be vigilant and request all details and a copy of the preliminary offer before signing any loan contract, stressing the need for banking institutions to comply with the provisions of the law and provide information with transparency and responsibility, confirming that financial consumer protection is a shared responsibility between them and banking institutions.
