This petition was submitted during the 2010-2015 parliament
Petition Cap the amount of interest Pay Dayloans can charge.
More details
A cap on how much Pay Day Loan or any small/short term loan companies can charge.
I.e. Satsuma Loans charges 794% Interest and many others are incredibly high. I.e. borrowing £1000 from this company alone would incur £7940 on top of the original amount borrowed. Legalised loan sharks.
A maximum of 40% of interest is more than enough.
This cap should be implemented to stop people getting into debt or even further inescapable debt.
This petition closed early because of a General Election
3 signatures
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10,000 signatures required to get a government response