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Loan sharks ‘will feast on the poor despite new cap’
A new cap on payday debt will not stop loan sharks making millions from preying on Britain’s poorest, shadow consumer affairs minister Stella Creasy said yesterday.
The amount of fees and interest that payday loan companies can charge was limited by the Financial Conduct Authority (FCA) from New Year’s Day.
Some campaigners heralded the move, which will stop debt repayments going behind double the original amount borrowed, as a major victory.
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