The FCA cap on payday loans: acting where the market has failed
The proposed cap means that if someone pays back a £100 loan within 30 days they would pay a maximum of £24 in charges.
The proposed cap means that if someone pays back a £100 loan within 30 days they would pay a maximum of £24 in charges.
Harmful debt is not concentrated in one section of the market alone.
It has been revealed today that around a quarter of payday lenders will exit the market after the Financial Conduct Authority pick-up the baton for consumer credit regulation.
Payday lenders have been called to a summit today to discuss the future of the industry, new regulation by the Financial Conduct Authority, and what should be done to make payday lending less exploitative.