Daily Mail

Respect the Cap, Organizing in England, Financial Reform, Interest Rates, Payday Lending

Citizens UK Calls on (Payday) Lenders to 'Respect the Cap'

Friday, January 2, 2015
Daily Mail

Campaigners will today mark a new cap on payday loans by calling on the Government to set up a community finance fund.  New rules from the Financial Conduct Authority will require lenders to cap their interest rates at 0.8% a day, charge no more than £15 for a default, and never charge a customer more than twice the amount they originally borrowed.  Wonga, the UK's biggest payday lender, has responded by imposing a cap on the cost of its short-term loans." Read more about Citizens UK Calls on (Payday) Lenders to 'Respect the Cap'

Citizens UK