Pay day loan companies face limit after federal government U turn

Pay day loan companies face limit after federal government U turn

Justin Welby, the second archbishop of Canterbury, stated cash advance businesses charge “usurious” rates. Photograph: Mark Richardson/Alamy

The government has agreed to change the law to give the new Financial Conduct Authority (FCA) powers to set a cap on exorbitant interest rates charged on payday loans in a significant climbdown.

When you look at the House of Lords, the following archbishop of Canterbury accused cash advance organizations of charging “clearly usurious” prices, although the Treasury minister Lord Sassoon accepted the broad maxims of the cross-party relocate to set a limit. […]

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