I want Governmet to stop loan companies charging 1294.1% Apr and advertising it.

Rejected 16 signatures

What the petition asks

I saw a company called QuickQuid on TV. They were charging well over 1000%+ Apr for loans. Some companies charge much more. I want the government to intervene and limit the annual percentage rate (Apr) to 100% Apr including any charges and fees as they promised.

https://www.lendingstream.co.uk/LPLS/quickquid-loans/?gah_source=google&gah_medium=cpc&gah_campaign=(C)QuickQuid+(BMM)(A)Quickquid+(BMM)(K)%252Bquickquid&gah_matchtype=b&gah_network=g&gah_mobile=Yes&gah_search=Yes&gah_content=&gah_id=65641731585&gah_keyword=%252Bquickquid&gah_placement=&gah_adpos=1t1&gclid=CI_699X1mdACFSQz0wodRW8IIA&gclsrc=aw.ds

Why it was rejected

It was not clear what the petition asked the UK Government or Parliament to do.

There is already a cap on high-cost, short-term credit (often known as payday loans). You can find out more about this here:

https://www.the-fca.org.uk/firms/price-cap-high-cost-short-term-credit

This cap is the responsibility of the Financial Conduct Authority, not the UK Government or Parliament.

Timeline

8 Nov 2016	Petition opened for signatures
15 Nov 2016	Rejected by the Petitions Committee

Key facts

Signatures 16

Status Rejected

Rejected 15 Nov 2016

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