Earlier in the day this the Financial Conduct Authority (FCA) announced a number of new measures which aim to minimise the impact of payday loan charges on borrowers week.
- Interest and charges on high-cost short-term credit loans should be capped at 0.8percent a day.
- A default that is fixed of ВЈ15 will likely be placed on borrowers who do maybe perhaps snap the site perhaps not make repayments on time.
- You will see a cost that is total of 100per cent meaning that borrowers won’t ever repay significantly more than twice whatever they borrowed.
A few of these measures are now being introduced to lessen the expense of borrowing from payday loan providers.