Petition Make interest which is greater than 49% APR illegal. Subject to severe fines and imprisonment

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The people who can least afford to pay interest and who are in most need of a short unsecured loans are subject to harsh interest rates which are unregulated. In my youth, interest rates in excess of 49% were considered to be harsh and luxurious, and illegal. We should revert to what worked well then. I would suggest that severe penalties are imposed if exceeded including financial penalties and terms of imprisonment for directors of the business. This should also cover doorstep lenders.

This petition is closed This petition ran for 6 months

6 signatures

Progress of the petition towards its next target: 6 of 10,000 signatures required to get a government response

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10,000 signatures required to get a government response

Date closed 25 November 2012
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