Individuals making use of payday loan providers as well as other providers of high-cost credit that is short-term start to see the price of borrowing autumn and certainly will not have to pay back significantly more than double just just what they initially borrowed, the Financial Conduct Authority (FCA) confirmed today.
Martin Wheatley, the FCA’s ceo, said:
‘we have always been confident that this new guidelines strike the right stability for 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. […]