this post was submitted on 18 Apr 2025
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Well it's good your mom was the judge, interest that high is criminal
https://www.canada.ca/en/financial-consumer-agency/corporate/transparency/briefing-packages-parliamentary-committee-appearances/standing-committee-finance-may-28-2024/criminal-interest-rate-predatory-bankng.html
With fees capped at 14% and interest capped at 35% APR, a doubling could still be legal if they have 2 years to repay, especially with frequent compounding.
Not that children have the patience to wait 2 years for a return on their investment, though.