To: Rt Hon Philip Hammond
Cap personal Loan's to 100% APR
Please CAP consumer credit lending to a maximum of 100% APR and protect communities.
Why is this important?
Toxic consumer lending rates of over 1000% APR are like loan sharks.
Imagine your 19 year old relative, he works part-time, borrows £500 to buy a trending fashion item; a toxic 1,000% APR pay-day loan would mean in a year he'd repay £5,500.
Of-course it will be advertised very cleverly to attract him to borrow and over a shorter time.
A Cap in consumer lending APR % to 100% protects vulnerable consumers and is fair.
Governments duty is to protect everyone, laws stop toxins polluting our rivers, we need laws to stop toxic APR rates polluting our communities.
Imagine your 19 year old relative, he works part-time, borrows £500 to buy a trending fashion item; a toxic 1,000% APR pay-day loan would mean in a year he'd repay £5,500.
Of-course it will be advertised very cleverly to attract him to borrow and over a shorter time.
A Cap in consumer lending APR % to 100% protects vulnerable consumers and is fair.
Governments duty is to protect everyone, laws stop toxins polluting our rivers, we need laws to stop toxic APR rates polluting our communities.
