Cash advance caps come into forceСЋ Interest and costs on all high-cost short-term credit loans are now actually capped at 0.8per cent a day associated with the quantity borrowed.

Cash advance caps come into forceСЋ Interest and costs on all high-cost short-term credit loans are now actually capped at 0.8per cent a day associated with the quantity borrowed.

Brand new caps on payday loan providers enter into force today. Photograph: Dan Kitwood/Getty Images

Brand new caps on payday lenders enter into force today. Photograph: Dan Kitwood/Getty Images

More than a million people will begin to see the price of their borrowing fall now that new price caps on payday advances took effect. Read More Cash advance caps come into forceСЋ Interest and costs on all high-cost short-term credit loans are now actually capped at 0.8per cent a day associated with the quantity borrowed.