Extortionate Credit Transactions Act

The Extortionate Credit Transactions Act is a UK law designed to protect consumers from unfair and aggressive lending practices. It targets high-cost loans or credit agreements where the terms are excessively harsh or intended to pressure borrowers into unfavorable deals. The Act makes it illegal for lenders to inflate interest rates or fees unfairly, and it provides legal remedies for borrowers who are subjected to extortionate terms. Its goal is to promote fairness in credit transactions, ensuring borrowers are not exploited through unscrupulous lending practices.