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 to impose payday lender price cap from January

The interest rates leading payday loan companies like Payday UK can charge is expected to be significantly reduced. Credit: Rui Vieira/PA Archive

The Financial Conduct Authority has announced plans to impose a price cap on payday lenders from January 2015.

The FCA confirmed earlier this year it planned to cap the total cost of credit for all payday loan firms from early next year following pressure from the Government.

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