Quote from: Mik on October 30, 2013, 04:18:35 PM

Quote from: Kazu on August 28, 2013, 12:57:12 AM

There are usury caps in Australia, UK, France, lots of countries.

I only list US because I know more details.

Obviously NOT in UK!
i.e. Payday loans APRs up to 5,853% (Wonga)

-> http://www.dailymail.co.uk/news/article-2347021/5-853--Wonga-annual-rate-Payday-firms-1-600-rise-leads-calls-tighter-regulation.html)

I know, payday loans avoid the usury cap in many countries/states. For example, in California, you are maxed out at 10% APR, unless you register with a specific agency, in which case you can charge 36% interest, unless you're making a loan for $2500+ (and you're regulated), in which case there is no usury cap.

Then, the US Federal Government imposes a law on all of its states that mandate that individual states can't cap the interest on certain national banks and credit unions.

The whole thing is dumb if you think about it, because it means that I as an individual can't earn what that-big-bank-over-there can, simply because its a bank and I'm an individual, but thats the way it works.