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FCA RULES 2015

In recent times the application process for short term loans has become more detailed and in-depth. http://www.bfwggrants.org.uk

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FCA RULES 2015

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  1. FCA RULES 2015 A Simple Overview of FCA Rules

  2. The FCA • Look over control of High Cost Short Term Credit on 1st April 2014 • Introduced new rules during 2014 • Introduced rate capping on 2nd January 2015

  3. Rate Capping • The Rules: • Daily Interest Capped at 0.8% • The maximum charge for defaulting is £15 • Interest and charges cannot exceed the amount borrowed

  4. What that means • Daily Interest Capped at 0.8% • So if you borrow £100 the maximum you will be charged per day is 80p per day. • So if you only had the loan for a week (7 days) the maximum you will pay is • 80p x 7 = £5.60

  5. What this means • The maximum charge for defaulting is £15 • If you do not repay your loan on time, a lender can charge you £15, only once. • So if you are late with another payment they cannot charge you the £15 again.

  6. What this means • Interest and charges cannot exceed the amount borrowed • If you borrow, say, £100 over a 12 month period, the most you will have to pay back, including the original loan is £200.

  7. Who are We • This information was brought to you by BFWG Grants • www.bfwggrants.org.uk

  8. Visit This Link www.bfwggrants.org.uk

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