A cap on the cost of payday loans enforced by the City regulator has now come into effect.
Payday loan rates will be capped at 0.8% per day of the amount borrowed, and no-one will have to pay back more than twice the amount they borrowed. The Financial Conduct Authority (FCA) said those unable to repay should be prevented from taking out such loans. Many payday lenders have already closed down, in anticipation of the new rules, a trade body has said. And the amount of money being lent by the industry has halved in the past year.....Read more here