Article on Moneylenders Act Updates
Prosper Credit made two loans to the plaintiff’s ex-husband. The interest stipulated on the first loan was 791.61% per annum. However, according to the Moneylenders Act, the maximum rate of interest allowed for a secured loan granted to an individual whose annual income is less than $30,000 is 13%. The interest was found to be ‘grossly unfair’. Hence, the Court set aside the loan contract.
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