In an amazing turning around for the payday loan industry, Citizen Advice charity have said the number of complaints have dropped by 45% and believed this was down to the Financial Conduct Authority (FCA) implementing stricter criteria for lenders to adhere to.
Complaints Down Year On Year
According to a BBC report. the statistics are based between the period of January and March of 2014 where complaints reached 10.150 but a year on the this has dropped to around 5,500 bringing some positive news for the market as it has been embroiled in controversy for a number of years.
Positive News At Last For Payday Lenders
The FCA introduced capping of interest rate earlier this year and restricted lenders from ever charging more than than double the loan amount if fees and charges are added. A spokesperson for Citizens Advice has commented stating that this is great news for consumers and the drop in complaints shows that irresponsible lending can impact on people’s lives negatively and now with the FCA in charge consumers are having more faith in lenders and resulted in lower complaints.