As a personal finance writer (okay well I write about budgeting that just sounds a bit posher) I have been concerned about the huge interested charges on payday loans for a long time. Legislation around the levels they can change has been a long time coming but i am so glad these caps are now in place.
Have look at the new rules…..
I just love the fact that the number lof loanmds and amount borrowed in the five months since the FCA too over.
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, and it operates independently of the UK government. It is financed by charging fees to members of the financial services industry.
Rough Timeline For Payday Loan Legislation & Regulation Changes – An infographic by the team at Swift Money
I think that’s pretty fabulous news. I love that the money advice service is flagged up too as a place to go to for help and that their details have top be displayed by all payday loan companies. Absolutely right!
Have you ever had a pay-day loan? I would love to hear about your experiences if you have. Are they all bad? Or do you think they have their place?