Consumer Credit

The Financial Conduct Authority (FCA), which regulates consumer credit, has brought in tough new rules for payday lending. In 2015 the FCA decided to introduce a cap on the total cost of payday loans, not just the interest rate, but also the arrangement fees as well as penalty fees. In total, no one should have to pay back more than twice what they borrowed and there is a £15 cap on default charges.

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Consumer Credit.pdf 244.18 KB