"MC-Market imposes that 50% the initial loan in aggregated fees and interest per annum be the maximum a lender can indebt the loanee in addition to the initial loan amount."
Would the payback amount not already include the original payment?
That's how it's meant to be. For example on a $100 loan with a $150 payback it will be
Gotcha. This I would support. I encourage you to include this example in your OP.
You agreed to the payback date, just like you would with a bank. Should you not payback that agreed upon amount by the agreed upon date you will be fined. Only difference is that a bank would fine you until your dead, we stop you at 50% of your initial loan.
They will still charge you until you're 6 feet under and then just take it out of your estate, lol?
loan sharking
People are still going to loan offsite, so you'll need some restrictions for scam reports. The restrictions need to be changed so you cannot take out a $10 loan with a $15 payback but because $15 is already 50%, so with current restrictions I can pay it back 3 months late without any penalty.
That sounds like an issue of using up the entire allotted 50% on the initial payment and not allowing yourself any room to charge a late fee. If you want to charge a late fee to dissuade late payments, then don’t charge the maximum possible amount in direct interest. There’s no reason you need to do that. The motivation for doing that and then insisting you need more room for fees is motivated by nothing other than a desire to squeeze more money out of the people you’re loaning to. I’m not saying you’re wrong for your desire, but it’s necessary to point out that there is no other benefit to be had here.
