This petition was submitted during the 2015-2017 parliament
Rejected petition Put a fair cap on lenders Apr rates, example quick quid 1295% Apr is criminal
High lender rates have been the cause of financial problems and it's time to put a stop to this, working families at some point struggle and look to lenders for help, these lenders make things worse higher payments and extreme repercussions for missed payments! Let's cap these rates and make it fair
More details
Quick quid Representative Example: Amount of credit: £200 for 28 days. One total repayment of £244.80. Interest: £44.80. Interest rate: 292% pa (fixed). 1294.1% APR Representative.
Sunny Representative Example: Loan amount £250 repayable over 6 months. Total amount repayable £469.65 in 6 payments of £78.28. Interest 263% p.a. fixed. Representative 979% APR
Wonga Representative example
Borrow: £100 for 13 days. Interest rate: 292%pa (fixed).One repayment of: £110.40. Representative 1,509% APR.
This petition was rejected
Why was this petition rejected?
It’s not clear what the petition is asking the UK Government or Parliament to do.
There is already a cap on high-cost, short-term credit (often known as payday loans). You can find out more about this here:
https://www.the-fca.org.uk/firms/price-cap-high-cost-short-term-credit
We only reject petitions that don’t meet the petition standards.