Loan Sharks Facing Extinction?

Stop the Sharks

Stop the Sharks

While the government attempts to combat loan sharks, it is also complicating a business that is worth billions of złoty. Consumers will remain in the grey area unless banks decide to take hold of this market. The battle over the shape of the regulations on the non-banking market, which came about after the fallout of the Amber Gold scandal, is now in its final stage. The draft of the new regulations was approved last week by Poland’s Council of Ministers. The key change will be the introduction of a maximum limit of the costs of taking out a loan. This will include not only the interest on the loan, but also all other fees and charges incurred by customers. The government hopes to put an end, or at least lower, the outrageous fees charged by loan companies. However, the effect of these regulations may be a swift end for many companies in this line of business.

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