Citizens Advice Scotland have given an ‘unqualified welcome’ to the UK government’s announcement of a cap on the cost of payday loans.
CAS Chief Executive Margaret Lynch said:
“Scottish CAB advisers see over 100 cases every week now of people who are struggling with debts to payday lenders. That’s a third higher than the number last year.
“It has been clear for some time that serious action is needed to tackle the cost of payday loans. The UK Government has signalled today that it has listened to the evidence that we and others have been putting forward, and that they are prepared to take that action.
“Their statement today has our unqualified welcome, and we look forward to working constructively with them and with the Financial Conduct Authority on defining the details of the policy.”