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How are consumer loans affected?
The annual percentage rate (APR) on new - mortgage free - consumer loans taken from 19 March, 2020 may not exceed the central bank base rate (currently 0.9 percent) plus 5 percentage points, that is, a total of 5.9%. This provision is effective for all consumer loans, including personal loans, credit card debt and overdraft facilities.
Source: ITM [Ministry for Innovation and Technology] State Secretariat for Economic Strategy and Regulations
Source: ITM [Ministry for Innovation and Technology] State Secretariat for Economic Strategy and Regulations