Hungarian law affects Intl Personal Finance
Doorstep lending firm International Personal Finance has announced that its draft legislation, to set a maximum APR for unsecured customer loans at 24% above the Hungarian base rate (6%), has been approved.
Doorstep lending firm International Personal Finance has announced that its draft legislation, to set a maximum APR for unsecured customer loans at 24% above the Hungarian base rate (6%), has been approved.
This 30% cap compares to the current situation where customers are limited to one loan of more than 65% from any individual lender per calendar year.
The draft legislation is scheduled to become effective for loans issued on or after 1 January 2012.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm said: "We will amend our product pricing and structure to meet the requirements of this legislation and, whilst we cannot be certain as to the impact this may have on the future performance of our business, based on our experience of similar changes we have made in the past we do not expect a material impact on the prospects of our Hungarian business."
The share price fell 1.97% to 219.1p by 14:55.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
73% of savers plan to rely on partner’s pension in retirement
A new survey suggests the majority of people may lack financial independence in retirement, with almost three-quarters set to rely on their partner’s pension
-
How much you need to follow the 25x retirement rule – will you have enough to be financially independent?
We explain what the 25x retirement rule is and the amount you would need to be financially independent in retirement.