Rejected petition Enforce a maximum interest rate (20%) on loans to protect the vulnerable

Many people in desperate financial situations get themselves into greater trouble by taking out loans with annual interest rates of e.g. 1375% often making their situation worse leading to ill health & homelessness. Please help to stop this. Companies should not be allowed to prey on the vulnerable.

This petition was rejected

Why was this petition rejected?

It’s about something that the UK Government or Parliament is not directly responsible for.

There is already a cap on high-cost, short-term credit (often known as payday loans). Deciding on the level of this cap is the responsibility of the Financial Conduct Authority, which is independent of the Government or Parliament.

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.

Date submitted 19 February 2018
Get petition data (json format)

About petition data

The data shows the number of people who have signed the petition by country as well as in the constituency of each Member of Parliament. This data is available for all petitions on the site. It is not a list of people who have signed the petition. The only name that is shared on the site is that of the petition creator.