Cash loans sign
Media playback is unsupported on your device

Payday loan repayments to be capped for borrowers

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.

  • 15 Jul 2014
Go to next video: FCA planned payday loans cap explained