Payday Loan Interest To Be Capped From Jananuary

The video discusses the rapid growth of the payday loan industry, now valued at 2.5 billion pounds, and the regulatory measures being implemented to curb excessive interest rates and abuses. The need for credit surged as bank lending decreased during the recession, leaving many without access to payday loans. New regulations could drastically reduce the number of lenders, potentially pushing borrowers towards illegal lenders. The government is empowering the FCA to prevent companies from evading rules by moving abroad.

What impact will the new rules have on the number of payday lenders and consumers?

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What alternatives do people have if they cannot access payday loans according to the text?

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