MAXIMUM INTEREST RATE CHARGEABLE ON LOANS

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MAXIMUM INTEREST RATE CHARGEABLE ON LOANS

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The Government should make it illegal for any person or organisation to charge more than a certain amount of interest on any financial transaction i.e a certain number of percentage points above base rate. This would encourage more responsible lending and make it impossible for unscrupulous persons or organisations to take advantage of the more vulnerable members of society or those temporarily financially compromised. This would give people a better chance to recover and smaller companies a chance to develop their businesses and create more employment.

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