Cash advance price limit has force but unintended consequences may currently be beginning to show

Cash advance price limit has force but unintended consequences may currently be beginning to show

The Financial Conduct Authority’s (FCA) controversial limit on the price of payday loans makes impact today.

The interest rate and charges charged on payday advances will now be limited by 0.8 % a day. The modifications will also be supposed to make sure that if your borrower defaults they’ll not want to pay off significantly more than increase the amount they borrowed. One-off default charges would be capped at ВЈ15. Read More