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Instead, from August 9th, liquidity has dried up across all wholesale markets, making no distinction between loans of different quality, for much longer than even the most extreme forecast.
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Now a state assemblyman wants to rewrite those rules and narrow the gap between loans on either side of that Rubicon.
You'll notice a big difference between loans and lines of credit immediately.
A lot of entrepreneurs don't understand the difference between loans and a line of credit.
Banking authorities are also expected to institute a mandatory cooling-off period of 30 days between loans — a reform intended to halt what consumer advocates call a debt spiral of borrowers taking out fresh loans to cover their outstanding debt.
Loans of between £1,000 and £2,999 carry an APR of 15.9 per cent, for example.
North Wales Credit Union is promoting its "best loan rate ever": 5.9% APR for loans of between £7,500 and £15,000.
Those who don't qualify for a grant get loans of between £5,341 and £3,826, based on family income.
The Post Office also appears in the best-buy tables for smaller and larger loans, charging 13.9 per cent from £2,000 and 9.9 per cent on loans of between £5,000 and £25,000.
While some Paramount ads boast an APR of 7.9percentnt on loans of between £12,501 and £15,000, others advertise a starting rate of 8.9percentnt.
This is just beaten by Nationwide's offer, for current account customers only, of a typical 7.7% for loans of between £5,000 and £14,999.
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CEO of Professional Science Editing for Scientists @ prosciediting.com