Complaints Over Payday Loans Triple In A Year

New figures from the Financial Ombudsman reveal that disputes over payday loans increased by 178% in the year to March despite the fact that new controls and caps have been introduced in an attempt to regulate the system. Rules introduced in January 2015 mean that interest rates on payday loads are capped at 0.8% per day, and the Financial Conduct Authority also ordered that stricter affordability checks be carried out before loans are agreed. The statistics, which are released on an annual basi