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Pay day loan borrowers nevertheless being charged twice as much quantity lent

Monday, June 15th, 2020

Pay day loan borrowers nevertheless being charged twice as much quantity lent

Payday and short-term loan providers are additionally burying fees and rates of interest

Cash advance and other lenders that are short-term nevertheless asking borrowers INCREASE the amount lent in interest and charges.

Back January 2015, city watchdog the Financial Conduct Authority (FCA) capped the total amount cost that is high companies could charge.

Under its rules, borrowers do not have to pay back more than double exactly exactly what they initially borrow.

But four years on and a study because of the Mail on Sunday reveals that numerous loan providers continue to be charging you borrowers the optimum – or near the optimum – allowed. (more…)