Enforce a maximum interest rate (20%) on loans to protect the vulnerable

Many people in desperate financial situations get themselves into greater trouble by taking out loans with annual interest rates of e.g. 1375% often making their situation worse leading to ill health & homelessness. Please help to stop this. Companies should not be allowed to prey on the vulnerable.

There is already a cap on high-cost, short-term credit (often known as payday loans). Deciding on the level of this cap is the responsibility of the Financial Conduct Authority, which is independent of the Government or Parliament.

You can find out more about this here:

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