Create a Protection Against Usury Act

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Create a Protection Against Usury Act

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There currently exists in this country no protective cap on interest charged on loans to consumers. Rates as high as 5000% APR representative now exist. The current economic situation has increased the pressure on those of a lower credit rating to accept unreasonable and potentially ruinous terms from lenders operating in a manner akin to Dickensian villains. Laws of usury were repealed in 1854 with disastrous consequences for many. It is time such laws were reintroduced. There should be a maximum rate over the Bank of England interest rate chargeable by lenders, perhaps no more than an amount equivalent to double the rate plus 10% and also clear, separate and reasonable administration fees for any loan outlined.

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