Level Of Interest Rates On Loans

Andrew George has seconded EDM2448. Motion reads: “That this House notes that wonga.com is currently advertising a typical interest rate of 4214 per cent. and that this is not the only institution offering a similar service; further notes that these high interest rates are often paid by the poorest in society; believes that all financial institutions have a right to make a profit but that these companies are adding to poor families’ financial problems; and further believes that the time is right to restrict the level of interest that can be charged on loans.”