Individuals making use of payday loan providers along with other providers of high-cost credit that is short-term start to see the price of borrowing autumn and can never need to repay more than double just exactly what they initially borrowed, the Financial Conduct Authority (FCA) confirmed today.
Martin Wheatley, the FCA’s ceo, stated:
‘we have always been confident that the latest rules strike the right stability for companies and customers. Then we risk not having a viable market, any higher and there would not be adequate protection for borrowers if the price cap was any lower. Continue reading FCA verifies cost limit rules for payday loan providers