Maximum costs for loans

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Maximum costs for loans

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With the bank of england base rate at 0.5%

The government should introduce a legally enforce able maximum repayment on all loans of twice the amount borrowed over 12 months and that this includes all fees,fines, interest, etc.

E.g. If you borrow £1000 (the amount given to you) then the total maximum that you can legally be made to payback is £2000 over a 12 month period, this would also include any rollup loans, etc.

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