Government seeks to rein in 920% interest rates
The cabinet wants to crack down on instant loans of less than 2000 euros.
The government is preparing new legislation that would force lenders to more carefully check borrowers' ability to pay back quickie loans.
The new regulations would also limit the sometimes-exorbitant interest rates charged on such loans. The maximum effective annual rate would be 51 percent. At present the average interest rate charged on such loans is a staggering 920 percent.
The Ministry of Justice says the moves would help prevent over-indebtedness.
In recent years, there has been a spike in young people getting over their heads in debt due to easy credit available via mobile phones or over the web.
The small-scale loan association, Suomen Pienlainayhdistys, argues that the new laws would force some lending companies out of business.
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