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FCA confirms cost limit rules for payday lenders

FCA confirms cost limit rules for payday lenders

Individuals utilizing payday lenders along with other providers of high-cost short-term credit will look at price of borrowing autumn and can never need to repay significantly more than double exactly exactly exactly what they initially borrowed, the Financial Conduct Authority (FCA) confirmed today.

Martin Wheatley, the FCA’s ceo, stated:

‘we have always been certain that the latest rules strike the right stability for businesses and customers. In the event that cost limit ended up being any reduced, then we chance devoid of a viable market, any greater and there wouldn’t be sufficient security for borrowers.