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EU payday loans to be curbed under draft rules tackling minimum loan size, high interest

By Jack Schickler ( May 27, 2021, 10:39 GMT | Insight) -- The burgeoning EU payday loans market could be throttled by EU plans to modernize 2008 consumer lending rules. Draft legislation seen by MLex proposes to outlaw high-interest loans and scrap a 200-euro minimum loan level at which consumer checks apply, with punitive fines of over 4 percent of turnover for miscreants. The plans would also represent a 1.5 billion-euro administrative cost for the banking sector.The EU plans to outlaw high-interest lending and apply consumer-protection checks to loans under 200 euros ($240), with miscreants fined over 4 percent of turnover, according to documents seen by MLex. ...

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