Legislate to limit interest rates for personal loans

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Petition Action

Legislate to limit interest rates for personal loans

Petition Details

Both before and during the pandemic, Personal Loans companies are taking advantage of the desperation of people. We urge the government to take action and make illegal for personal loan companies to charge interest rate beyond a fixed legal cap.

Additional Information

I am victim of a high-interest personal loan lender. I took a loan when I was financially struggling and didn’t really understood the interest rate. People taken advantage by these lenders can end up repaying many times the amount they borrow, and can find themselves unable to repay the loan at all.

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