What's fair interest on a payday loan?MoneySaving Poll Results

Souk

Poll Started 14 December 2010:

What's fair interest on a payday loan?

A recent campaign in parliament has demanded a look at regulating payday loans which can charge huge interest rates on loans, so we want to know what you would consider to be a fair amount both in cost and in interest.

PLEASE PICK ONE ANSWER FROM EACH QUESTION.

Results

Q1: What should be the MAXIMUM allowed APR on 100 borrowed for a month? (4983 votes)
10%2512 votes (50%)
25%1069 votes (21%)
50%366 votes (7%)
100%384 votes (8%)
200%138 votes (3%)
500%121 votes (2%)
1,000%106 votes (2%)
2,000%48 votes (1%)
5,000%37 votes (1%)
10,000%18 votes (0%)
Over 10,000%184 votes (4%)
Q2: What should be the MAXIMUM COST on 100 borrowed for a month? (5177 votes)
£1492 votes (10%)
£2228 votes (4%)
£3286 votes (6%)
£6366 votes (7%)
£102163 votes (42%)
£15291 votes (6%)
£20625 votes (12%)
£30278 votes (5%)
£4056 votes (1%)
£50182 votes (4%)
Over £50210 votes (4%)

           5,199 people have voted.

We try to use technology to limit voting to one per person. Occasionally, this may erroneously block a few people's votes (eg, from shared offices). Apologies for that.