An infographic that takes a detailed look at the changes to payday loan regulations in the UK.
This infographic from Swift Money is a timeline of events relating to the past and present changes to the payday loan regulations in the UK.
The regulations were originally reviewed by the Office of Fair trading (OFT) back in 2010. In response to consumer demand the OFT produced a review of high cost credit services, which focused on payday loans and other similar high cost credit.
In 2014 the OFT was superceded by the FCA – the Financial Conduct Authority – which took over the remit for reforming the payday loan market in the UK.
This infographic covers the full timeline of events, and includes a brief summary of the actual changes to the rules governing payday loans – such as that you can only roll over your loan twice before the balance becomes due.
View the full infographic below:
Source: Swift Money
Main image source: HelenCobain @ Flickr.