Interest Rates on Payday Loans to be capped at less than 600% APR

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Interest Rates on Payday Loans to be capped at less than 600% APR

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Short-term loans are now readily available to consumers from payday lenders, but in some instances the representative APR is in excess of 4000%.

Consumers applying for these kind of loans are evidently already in some kind of financial difficulty, so by charging such high interest rates, lenders are doing nothing to help them.

Whilst the lenders obviously seek out to become profitable, there is no reason for such high APR to be implemented. This is a petition for the APR with payday loans from short-term loan providers to be capped at a rate of 600%.

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