BBC News – Payday loan charges cap takes effect

[Legal Beagles]

A cap on the cost of payday loans enforced by the City regulator has now come into effect. Payday loan rates will be capped at 0.8% per day of the amount borrowed, and no-one will have to pay back more than twice the amount they borrowed. The Financial Conduct Authority (FCA) said those unable to […]

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[Fred]

Re: BBC News – Payday loan charges cap takes effect

Quote from above BBC article:

"Mr Woolard argued that only a very small number would seek credit from unregulated loan sharks instead"

I wonder just what this means for providers of "unregulated" loans.............could it be a possible change of attitude or is "unregulated" ok if you are licensed to manage "unregulated" ongoings.