Ms Ann Nolan:

As a general principle, there are no legal rules about what interest rates people can charge on loans. Banks can charge different interest rates for different loans, depending on the risk appetite, the length of the loan, the financial position of the borrower and so forth. Indeed, there are non-banks which also charge different interest rates for different types of loans. There is usually something governing the interest rates in the loan agreements themselves but there is no legislation governing interest rates on loans.