BBC News – Payday loans cap of 0.8% per day announced by FCA

[Legal Beagles]

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% a day of the amount borrowed, said the Financial Conduct Authority (FCA). In total, no one will have to pay back more than twice what they borrowed, and […]

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[dogtired]

Re: BBC News – Payday loans cap of 0.8% per day announced by FCA

Whole host of new adverts on TV for "quick" loans.
Provident which in the small print has a rate of over 300%!
The firm 118 also seems to be selling loans and credit cards at eye watering rates.
Is something being done about that?