Ridiculous Loan Rates
I just think the loan rates offered by so-called helpful banks are ridiculous because of their high APR
As we hear every night on the television people are struggling to get the essentials in life. However we allow greedy institutions to charge exorbitant interest rates to the desperate people.
I appreciate that loaning money to certain demographic groups may be risky from a business point of view. However it is no excuse for charging a couple of thousand percent! You can full well understand why people borrow money from “Harry the leg breaker” because his rates are cheaper than what’s available on the high Street.
However I suppose being declared bankrupt is marginally better than having your legs broken?
What I would like to see is the introduction of a maximum interest rate law.
What do you think?