US EditionGovernment Will Limit Interest on Consumer Credit with New Regulations
16 Articles
16 Articles
Until the rule enters into force, the maximum interest rate will not exceed 22%, so they estimate that one in four revolving card credits will have to be revised downwards.
The Government had adopted a draft law regulating consumer credit, including micro-credits or “revolving” cards.
The government lays the foundation stone to meet the interests of consumer credit, which includes micro-credits, fast loans on digital platforms and 'revolving' cards. The Minister of Economy, Commerce and Business, Carlos Córdoba, announced on Wednesday the preliminary draft law on consumer credit to transpose two European directives with which the costs associated with this type of financing will be limited. At the press conference after the C…
The Council of Ministers approves a draft law to regulate consumer credit for entities that are outside the current financial and banking regulations and that aims to curb the abusive conditions of micro-credits, revolving cards or fast loans on digital platforms that can sometimes triple their APR in a year
The new regulation puts a stop to the price that banks can charge and requires all lending institutions to be supervised by the Banco de España
The boom in consumer credit reflects both the strength of the Spanish economy and the change of direction of the country’s banks
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