Experts from the National Economy Ministry and the Hungarian Banking Association discussed the prime minister’s proposal to cap annual percentage rates (APR) at 30% at a meeting of Parliament’s Economy and IT Committee on Monday.
Deputy state secretary Roland Nátrán said a higher APR cap for some products was conceivable.
The higher risk to lenders of consumer loans justifies APRs over 30%, said Hungarian Banking Association chief secretary Levente Kovács. He suggested allowing a 45% APR for credit card loans, short-term personal loans and consumer credit.
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