What Are the Government (UK) Rules and Regulation For Payday Loans?

If you have some urgent bills that needs to be paid off in time and you don’t have sufficient funds, then you can apply for payday loans online and can get your desired cash in a short period of time to solve all kinds of small monetary problems in quick span of time.

Payday loans are very popular financial scheme in the UK and a number of financial online companies offer these loans online. The Government of the UK has made many laws and regulations to maintain harmony across all companies which offer payday loans in the UK.

The main points of the Government (UK) rules and regulations are mentioned here below-

The interest rates charged by the loan providers vary from each other. The government of the UK has fixed the maximum limit of interest rates for payday loans.  This make is sure that no payday company can charge interest rates more than 36%.

Only payday loan providers can offer payday loans in the UK under the laws and regulations.  This law ensures the transparent delivery of loan services to borrowers and brings companies under scrutiny. 

FDCI (Federal Deposit Insurance Corporation) has been authorized by these laws and regulations to keep a close eye on the operation of payday loan companies to protect the rights of consumers.

The Government of the UK has regulated a number of payday loan companies to increase the productivity of loans and borrowers may get the whole benefit of payday loans to get the funds immediately and solve financial problems quickly.
Location: United Kingdom

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