EXCESSIVE INTEREST RATES FOR PERSONAL LOANS

That this House deplores the unscrupulous money lending of firms such as Provident Personal Credit, Mobile Money Ltd and Shopacheck Financial Services who charge 365.1 per cent., 378.3 per cent. and 440.3 per cent. APR respectively on relatively small personal loans; is deeply concerned that these companies often target less affluent and vulnerable households on the approach to Christmas and at times of severe financial hardship; and calls on the Government to take all necessary steps to regulate money lenders and to outlaw excessive interest rates by placing an upper limit on the level of interest that can be charged on all personal loans.