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Enforce a maximum interest rate (20%) on loans to protect the vulnerable

Submitted on Monday 19th February 2018

Rejected on Tuesday 27th February 2018

Current status: Rejected

Rejection code: irrelevant (see below for details)

Petition Action

Enforce a maximum interest rate (20%) on loans to protect the vulnerable

Petition Details

Many people in desperate financial situations get themselves into greater trouble by taking out loans with annual interest rates of e.g. 1375% often making their situation worse leading to ill health & homelessness. Please help to stop this. Companies should not be allowed to prey on the vulnerable.


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This petition was rejected

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). Deciding on the level of this cap is the responsibility of the Financial Conduct Authority, which is independent of the Government or Parliament.

You can find out more about this here:

www.the-fca.org.uk/firms/price-cap-high-cost-short-term-credit

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