FCA proposes cost cap for payday loan providers

Individuals making use of payday loan providers along with other providers of high-cost short-term credit will look at cost of borrowing autumn notably under proposals established by the Financial Conduct Authority (FCA) today.

The FCA’s proposals for the limit on payday lending suggest that from January 2015, for new loans that are payday including if they’re rolled over, interest and costs should never go beyond 0.8% each day associated with the quantity lent. Fixed default costs cannot exceed 15 in addition to general price of a cash advance will never ever go beyond 100% of this quantity lent. 続きを読む FCA proposes cost cap for payday loan providers