By John Glenday

Britain’s burgeoning payday loans market is the subject of toughened regulations from today following the introduction of new rules curtailing the ability of lenders to roll-over loans more than twice or directly raid borrowers bank accounts to recover cash.

Designed to strengthen consumer protections for borrowers struggling to repay their loans the legislation will affect all short term lenders such as Wizzcash and QuickQuid which charge annual interest rates in excess of 5,000 per cent.

The biggest of these firms however, Wonga, claims that the new rules will have limited effect a just 4 per cent of its loans were extended, whilst Read full story ›

Source: The Drum