EXORBITANT INTEREST.
OVKU 800 PER CENT PAID. Further attention was drawn to the r . exorbitant interest paid on loans by poor people, when Mrs Margaret Ann Short was fined £5 at Newcastle, England recently, for acting as an unregistered moneylender. Neighbours stated that they had -borrowed money from her, tor which they paid 2d in the shilling interest. One woman declared that she borrowed 14s in March, and paid in interest up to July £T 17a Id, which worked out at 866 per cent. Another mentioned that she paid 6s a week interest for about tivc months , n a Joan of 365, and a third had been paying 2s lOd a week for some time one a loan of 3,7 ft, which was still owing. The defenca was that the money was not lent on interest, but was advanced out of a money club of which witnesses were members.
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Bibliographic details
Otago Daily Times, Issue 19940, 6 November 1926, Page 9
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149EXORBITANT INTEREST. Otago Daily Times, Issue 19940, 6 November 1926, Page 9
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