Terence James

Payday Loan Interest Rates Capped at 0.8%: Will It Help or Hinder Borrowers?

Experts have predicted that the latest proposed capped rate of 0.8% on payday loans will shrink the industry by 42%. So what does this mean for borrowers? The capped rate is designed to protect borrowers from paying back more than they need to.   However, there is a concern that it will force some lenders to close down, leaving fewer options for those who need emergency cash.   How will it affect borrowers? According to the BBC, it’s thought that the new cap will come Read more [...]