Individuals utilizing payday loan providers as well as other providers of high-cost short-term credit will start to see the price of borrowing fall and can never need to pay back significantly more than double just exactly what they initially borrowed, the Financial Conduct Authority (FCA) confirmed today.
Martin Wheatley, the FCA’s ceo, said:
‘we have always been certain that the brand new guidelines strike the balance that is right 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