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In some country consumer credits are regulated and the interest rate is capped. Also it is not legal in some country to grant a credit if the lender cant't pay
by kenniskrag 6y ago
In some country consumer credits are regulated and the interest rate is capped. Also it is not legal in some country to grant a credit if the lender cant't pay it back (e.g. in the european union)
- gambiting 6y ago>> Also it is not legal in some country to grant a credit if the lender cant't pay it back (e.g. in the european union European Union is not a country and every member state has their own rules regulating this, there isn't one payday lenders rulebook across the entire EU. As for what you said - it's true, except that it boils down to a checkbox on the form "are you able to make repayments on this loan?" and that's about it, that takes care of the legal side of things.