- 4 updates
Labour MP Stella Creasy has led a relentless campaign to control the costs of payday loans.
The Financial Conduct Authority will still need to study the evidence surrounding payday loans before it decides whether to impose a credit limit.
A new regulator will be given the power to cap interest rates charged by payday lenders. The firms offer loans at often very high rates of interest to workers who repay them at their next payday. Today the Treasury Minister Lord Sassoon told peers:
Latest ITV News reports
Interest rates as high as 4000% could become a thing of the past as the Treasury squares up to payday loan companies.