PAYDAY lenders are facing a crackdown after the UK Government pledged to amend the law to allow a cap on the "obscene" interest rates charged by some credit firms.
PAYDAY lenders are facing a crackdown after the UK Government pledged to amend the law to allow a cap on the \"obscene\" interest rates charged by some credit firms.
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The newly launched Financial Conduct Authority (FCA) is to be given the power to limit the cost of credit in the face of annual interest rates of up to 4000% which can be charged on short-term loans to see people through until their wages are paid.
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