Payday loan providers ordered to freeze interest levels for struggling borrowers

Borrowers who find it difficult to repay short-term loans may have fees and interest levels frozen, underneath the brand new measures.

A hundred payday and lenders that are short-term freeze interest and costs for struggling borrowers, under guidelines introduced by their trade associations.

The measures are section of a person charter drafted by four trade bodies – the buyer Finance Association (CFA), Uk Cheque and Credit Association (BCCA), the customer Credit Trade Association (CCTA) together with Finance & Leasing Association (FLA) – and implemented on 26 November. Continue reading