Payday and short-term loan providers are additionally burying charges and rates of interest
Pay day loan as well as other short-term loan providers are nevertheless billing borrowers INCREASE the amount lent in interest and charges.
Back January 2015, city watchdog the Financial Conduct Authority (FCA) capped the quantity high price credit businesses could charge.
Under its rules, borrowers do not have to repay significantly more than double just exactly exactly what they initially borrow.
But four years on and a study because of the Mail on Sunday reveals that numerous loan providers are nevertheless recharging borrowers the optimum – or near the maximum – permitted. Continue reading “Cash advance borrowers nevertheless being charged twice as much quantity lent”