SEC Urges the Central Bank to think about Capping Consumer and Payday Loans Next

SEC Urges the Central Bank to think about Capping Consumer and Payday Loans Next

The Securities and Exchange Commission (SEC) has hailed the main bank’s move to cap costs on bank card deals, increasing its hopes that comparable limits will quickly connect with consumer and pay day loans provided by financing and funding businesses.

On September 25, the Bangko Sentral ng Pilipinas (BSP) announced that the Monetary Board approved a yearly interest roof of 24% on all charge card deals effective November 3, 2020.

The new policy additionally provides that interest levels or finance costs in the unpaid outstanding bank card stability of the cardholder must not go beyond 2% each month. 继续阅读“SEC Urges the Central Bank to think about Capping Consumer and Payday Loans Next”