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    Finance committee proposes 20% rate of interest cap on pay day loans

    Finance committee proposes 20% rate of interest cap on pay day loans

    Previously this thirty days the finance ministry submit a bill to position a 30 % limit on interest levels on fast loans.

    Finland’s Finance Committee stated it wishes lawmakers to think about whether customer usage of alleged loans that are payday really necessary or appropriate. The committee proposed measures that are several help deal with issues associated with the quick loans that carry high rates of interest and costs, an additional make an effort to cope with the most important dangers and issues that payday loans can pose.

    Among the measures proposed because of the committee is always to put a 20 percent cap on pay day loan interest levels.

    Earlier in the day this the finance ministry put forward a bill to legislate a 30 percent cap on interest rates on such loans month. (more…)

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