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Has the FCA got the payday loan cap right? Have your say!

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The financial regulator has announced details of the long awaited cap on payday loans today and the CEO, Martin Wheatley, wants your views.
He says he's confident the FCA has set the cap at the right level to protect consumers. What do you think?
Initial cost cap of 0.8% per day. For new loans, or loans rolled over, interest and fees must not exceed 0.8% per day of the amount borrowed.
Fixed default fees capped at £15, which protects borrowers to repay. If borrowers cannot repay their loans on time, fees must not exceed £15.
Total cost cap of 100%, which protects borrowers from escalating debts. Borrowers must never have to pay back more in fees and interest than the amount borrowed.
He says he's confident the FCA has set the cap at the right level to protect consumers. What do you think?
Do you think the FCA has struck the right balance?
What do you think about people not being able to take out a payday loan as a result of a cap?
What do you think about people not being able to take out a payday loan as a result of a cap?
Please reply with your thoughts below.
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Read the full MSE News story: Guest comment: Have we got payday loan cap right?
If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our Forum Intro Guide.
Read the full MSE News story: Guest comment: Have we got payday loan cap right?
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The very thought of paying someone interest is anathema to me but then I am an orthodox [email protected]
Bexster
According to my sums, compounded every day, borrowing £100 ends up at £1,818.17 by the end of the year, so that's still 1,818.17% APR
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
but its just fixing a symptom..
So this will just quickly move the industry onto some other ways of lending money at high rates/silly risks :-(