THE PAYDAY loans industry is expecting to see revenue shrink by 42 per cent if new caps on interest proposed by the
The FCA said it estimated firms would lose £420m annually as a result of its proposals to cap interests on loans at 0.8 per cent per day, with a total cost cap of 100 per cent interest on loans.
Default charges will be capped at £15, as consumers will save £193 a year on average from the proposals, which will undergo a consultation period now, with final rules to take effect in
The proposals were criticised by the
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