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  • #1

    Payday Loans Interest Rates

    I may be posting in the wrong place but quite new here !

    I heard that in most EU countries the maximum rate of interest that can be charged is between 40% and 60% per annum depending on the country !

    Why are rates of 4000% acceptable here when we are supposed to be governed by the same legislation ( to an extent ) ?

    Rich
    Tags: card, con, court, credit, credit card, ico, interest, interest rates, legislation, living, loans, mp's, online, payday, payday loans, rate, rates, recovery, shareholders, sky, tactics, unfair, wrong
  • #2
    Re: Payday Loans Interest Rates

    Because we are living under the guise of capitalism and also that our wonderful self serving MP's are shareholders

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    • #3
      Re: Payday Loans Interest Rates

      LOL yep, pretty much it.

      PDL's get away with it, because it benifits those who could do something about it, no other reason, has to be that.

      Investors get a good return, same investors prob lobby MP's to allow it to happen.

      Lets be honest, if it was a credit card a judge would prob tell them the interest rates are unfair, but as far as i know, no one has actually challenged them on this yet.
      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

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      • #4
        Re: Payday Loans Interest Rates

        SXGuy it would never go to court they would rather settle outside of court because of that very fact they know they would get a roasting if it ever did end up in court and is why they would much rather use heavy tactics in recovery

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