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High percentage money lenders

Submitted on Thursday 4th August 2011

Rejected on Wednesday 21st June 2017

Current status: Rejected

Rejection code: no-action (see below for details)

Petition Action

High percentage money lenders

Additional Information

Companies are offering short term lending to people in financial difficulty at extortionately high interest rates of around 1734% ( compared typically to around 7 to 20% from banks and credit cards). Whilst it is true these loans are meant to operate on very short time scales, they are still presenting a very serious danger of getting into large debt very quickly. Should this practice be allowed?

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This petition was rejected

The Government e-Petitions Team gave the following reason:

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