Pay Day Loan rates capped

Regulation of the so called "Pay Day" lending industry is in place now with the daily repayment rates capped at 0.8% of the amount borrowed. The total amount that can be repaid including interest, is also capped at no more than twice the amount borrowed. When you consider that some of the companies operating in this market are lending funds to people in need at over 1,000 pct and the tactics to enforce defaulting consumers unable to make repayments have caused widespread anguish, this protection is badly needed and long overdue.

Before the mountain of complaints in the Payday loan sector attracted the interest of the Government, there were over 200 companies offering fast money, at interest rates in excess of 3,000% and many have had to shut up shop in advance of the regulations that came into effect ast the start of 2015.