MSE News: 'About bloody time' - payday lending crackdown

Former_MSE_Helen
Former MSE Posts: 2,382 Forumite
in Loans
"The FCA has today revealed strong plans for new regulations to combat growing concerns about the payday loan market..."
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'About bloody time' - payday lending crackdown

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'About bloody time' - payday lending crackdown

Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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Should be good news for the "legbreaker" loan sharks.0
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Is it just me or are the changes not really that great, particularly as they are staying clear of a maximum % interest cap for now? I'm concerned about the impact of an immediate clampdown of rollovers for borrowers too - getting banks (or some sort of governmental guarantee, like the mortgages) to help provide alternative sources of credit to clear off loans in a controlled and sustainable manner would have been the real result.0
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Yup, as ILW suggests, buy shares in baseball bats and tyre irons.0
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Lets not forget that for every case of irresponsible lending, there is an irresponsible borrower involved!!0
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a 48 hour cooling off period between approval and release of funds would have been a useful brake.0
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Good start, but doesn't go any way near far enough.Still rolling rolling rolling......
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rizla_king wrote: »Good start, but doesn't go any way near far enough.0
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Interest rates need to be capped for starters. The power is there.Still rolling rolling rolling......
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rizla_king wrote: »Interest rates need to be capped for starters. The power is there.0
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Pay day loans shouldn't have an APR imo. Should be expressed as a percentage cost of what you borrowed.
EG, if you borrow £100 and you pay back £125 inc fees etc, then it should just say loan cost 25% if paid back on time.
But then again we live in a society that is devoid of self responsibility. So !!!! it, we need more loan sharks.0
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