Credit Contracts and Consumer Finance Act 2003, s 45C
A high cost consumer credit contract is a contract that has an interest rate of 50% or more – whether that is made up of an annual interest rate or other fees (including default interest).
Some personal loan finance companies offer loans with extremely high interest rates and high fees and charges. They might focus on how many dollars a week the repayments are and not focus on the total you will pay back over time.