Moneylender hopes to derail changes to loan law

Amigo Loans, the moneylender charging nearly 50 per cent interest rates on its loans, is seeking to have changes withdrawn to legislation which would minimise such charges.

The British lender is fighting the move to cap interest rates on loans to people with poor credit histories who can’t access borrowing from banks or credit unions.

The Consumer Credit (Amendment) Bill, which is currently at committee stage, would put a 36 per cent APR ...