Payday loan charges cap announced by FCA
A cap on the amount that payday lenders can charge their customers has been announced by the City regulator.
Payday loan rates will be capped at 0.8% of the amount borrowed a day, said the Financial Conduct Authority (FCA).
In total, no one will have to pay back more than twice what they borrowed, and there will be a £15 cap on default charges.
The BBC's personal finance correspondent Simon Gompertz reports.
11 Nov 2014
- From the section Business