Lender duties once they approve a cost credit loan that is high

Lender duties once they approve a cost credit loan that is high

Due to the FCA’s guidelines, a number of obligations for loan providers whenever approving individual finance. Each loan provider has got to follow these guidelines to keep their licence also to run lawfully.

The 3 major guidelines are that:

  • They can't charge significantly more than 0.8% interest a(that is ВЈ24 for every ВЈ100 you borrow day)
  • Loan providers should not charge more in interest charges compared to the amount borrowed.Read more