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Sharks slip through the net as new payday rules unveiled
Loan sharks received “an early Christmas present” yesterday when the Financial Conduct Authority unveiled long-awaited new rules on the industry that will still allow big fees and massive profits.
So-called payday lenders will face limits from January 2 on the amount they can charge people borrowing often small amounts of cash to make ends meet.
But they will still be able to charge interest and fees of up to 24 per cent a month and up to 100 per cent in total.
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