Make interest which is greater than 49% APR illegal. Subject to severe fines and imprisonment

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Make interest which is greater than 49% APR illegal. Subject to severe fines and imprisonment

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The people who can least afford to pay interest and who are in most need of a short unsecured loans are subject to harsh interest rates which are unregulated. In my youth, interest rates in excess of 49% were considered to be harsh and luxurious, and illegal. We should revert to what worked well then. I would suggest that severe penalties are imposed if exceeded including financial penalties and terms of imprisonment for directors of the business. This should also cover doorstep lenders.

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