FCA proposes cost cap for payday loan providers

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FCA proposes cost cap for payday loan providers Individuals making use of payday loan providers as well as other providers of high-cost credit that is short-term understand price of borrowing autumn notably under proposals established by the Financial Conduct Authority (FCA) today. The FCA’s proposals for the limit on payday lending suggest that from January 2015, for new pay day loans, including if they’re rolled over, interest and costs should never meet or exceed .