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UK watchdog to review payday loan rates

Britain's financial watchdog will review in April how payday lenders collect debts and impose a cap from early 2015 on the sky-high interest rates.

13 March 2014
loans debts
Loan Money

The Financial Conduct Authority said the review will be one of its first acts next month when it takes on supervision of about 50,000 consumer credit firms.

Of those, around 200 offer the short-term loans intended to tide borrowers over until payday - a market now worth about 2.8 billion pounds

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