The 2015 Payday Loan Rules Made Simple

Great news for customers of Payday Loans! In November 2014 the Financial Conduct Authority confirmed the following change to the rules governing payday loans:

From 2 January 2015, no borrower will ever pay back more than twice what they borrowed, and someone taking out a loan for 30 days and repaying on time will not pay more than £24 in fees and charges per £100 borrowed.

In line with this, all the lenders on our panel have lowered their interest rates and have confirmed they operate within these new rules.