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Payday loans interest rates capped from January

The Financial Conduct Authority has announced plans to impose a price cap on payday lenders from January.

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FCA: For lots of people a payday loan 'is not a good idea'

For a lot of people borrowing from a payday lender "is not a good idea" and they can find themselves getting further into debt, a finance chief told Good Morning Britain.

Financial Conduct Authority (FCA) chief executive, Martin Wheatley, admitted the interest cap on payday loans would "restrict the availability of loans to some people" but it would keep customers away from toxic debt.

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