Submitted on Tuesday 5th July 2016
Rejected on Monday 18th July 2016
Current status: Rejected
Rejection code: no-action (see below for details)
Put a fair cap on lenders Apr rates, example quick quid 1295% Apr is criminal
High lender rates have been the cause of financial problems and it's time to put a stop to this, working families at some point struggle and look to lenders for help, these lenders make things worse higher payments and extreme repercussions for missed payments! Let's cap these rates and make it fair
Quick quid Representative Example: Amount of credit: £200 for 28 days. One total repayment of £244.80. Interest: £44.80. Interest rate: 292% pa (fixed). 1294.1% APR Representative.
Sunny Representative Example: Loan amount £250 repayable over 6 months. Total amount repayable £469.65 in 6 payments of £78.28. Interest 263% p.a. fixed. Representative 979% APR
Wonga Representative example
Borrow: £100 for 13 days. Interest rate: 292%pa (fixed).One repayment of: £110.40. Representative 1,509% APR.
You can't sign this petition because it was rejected. But you can still comment on it here at Repetition.me!
The Government e-Petitions Team gave the following reason:
There is already a cap on high-cost, short-term credit (often known as payday loans). You can find out more about this here:
www.the-fca.org.uk/firms/price-cap-high-cost-short-term-credit
3.133.131.213 Sun, 19 May 2024 00:14:23 +0100
