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Payday loan repayments to be capped for borrowers

15 July 2014 Last updated at 22:39 BST

People using payday lenders will see the cost of borrowing fall significantly from next year.

The financial regulator has imposed a cap on payday lending which means no one will have to pay back more than twice the amount they borrowed.

Last year around one and a half million people took out payday loans.

Kamal Ahmed reports.