Category Archives: Connecticut installment loans

FCA to examine if payday financing cap feeds loan sharks

FCA to examine if payday lending cap feeds loan sharks

Britain’s watchdog that is financial started an evaluation to uncover whether capped rates of interest on payday financing have actually driven susceptible customers into borrowing from unlawful loan sharks.

The introduction of the price limit in January 2015 was at a reaction to concern among lawmakers together with Church of England in regards to the effect really high rates of interest had been wearing individuals taking right out short-term loans to tide them over until payday.

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