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I am sure you will not be surprised to learn that it's making its debut today, along with a very interesting range of entries, like AUDITOR'S REPORTS, INTEREST RATE CAP, TRICK OR TREATING and CHERRY CHAPSTICK.
"It will not just be an interest rate cap.
Borrowers could reach the typical lifetime interest rate cap of 11.9percentt within 42 months.
The adjustable-rate payment-relief loan has a lifetime interest rate cap five percentage points higher than the initial rate.
Creasy is campaigning for an interest rate cap on all forms of credit, not just payday loans.
CMG has an interest rate cap of 9percentto11percentcent, depending on how much a borrower pays for the loan.
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It would be higher than a basic interest-rate cap, but it would be more effective because when you talk to people in other countries that have got interest rate caps lenders just charging an admin fee to get round it".
There, payday lending has been outlawed or made unattractive through interest rate caps in 13 states.
Interest rate caps can harm people seeking this type of credit more than they help them.
"A living wage, and interest rate caps – they should be put at the front, not as additions to other things.
We also find that financial repression and capital flight are significantly higher in years of exchange controls and interest rate caps.
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