FCA verifies cost limit rules for payday loan providers

FCA verifies cost limit rules for payday loan providers

Individuals making use of payday loan providers as well as other providers of high-cost short-term credit will look at price of borrowing autumn and certainly will not have to repay significantly more than double exactly just what they initially borrowed, the Financial Conduct Authority (FCA) confirmed today.

Martin Wheatley, the FCA’s chief executive officer, stated:

‘we have always been certain that this new guidelines strike the right stability for organizations 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”