Petition · past parliament · HM Treasury
Legislate to limit interest rates on lending during Covid-19 outbreak
Closed
61 signatures
What the petition asks
Legislate to put a temporary maximum interest rate, such as 3%, on all lending, such as credit card and overdraft debt.
As people lose their jobs and income, the first port of call for survival for many will be credit cards and overdrafts.
The Central Banks have reduced interest rates to near zero, yet many credit card companies and banks still charge 20+%, and many banks are increasing the interest rate for overdrafts to 39.9%.
Legislate an emergency measure to cap interest on lending, including credit cards and loans, to a maximum, such as 3%, so people can weather this storm.
The Central Banks have reduced interest rates to near zero, yet many credit card companies and banks still charge 20+%, and many banks are increasing the interest rate for overdrafts to 39.9%.
Legislate an emergency measure to cap interest on lending, including credit cards and loans, to a maximum, such as 3%, so people can weather this storm.
Timeline
| 24 Apr 2020 | Petition opened for signatures |
| 24 Oct 2020 | Closed to new signatures |
Key facts
Signatures
61
Status
Closed
Department
HM Treasury
Opened
24 Apr 2020
Closed
24 Oct 2020
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Source: the official petition page. Last checked 15 Jul 2026.