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Housing Rights provider welcomes modifications to payday advances

Housing Rights provider welcomes modifications to payday advances

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.