More than a million individuals will begin to see the price of their borrowing fall now that brand new cost caps on payday advances took impact.

Nonetheless, very very early indications are that lots of associated with the sector’s bigger players will likely to be charging you the most allowed to beneath the brand new regime, instead taking the chance to set their charges underneath the limit.

Interest and charges on all high-cost short-term credit loans are actually capped at 0.8per cent a day associated with quantity borrowed. Read more →