NEW YORK, NY / ACCESSWIRE / August 26, 2014 / Initial response to FCA’s proposals to cap high cost short term credit from 2 January 2015.
Uncle Buck read with interest the FCA’s consultation paper CP14/10 containing its proposals for a price cap on high cost short term credit. The combination of an initial cost cap, cap on default fees and an overall cap does not, prima facie, appear unreasonable, but much depends on the proposed levels of each of these constituent elements.
The FCA appear to be suggesting there will be considerable market exit although its modelling was based on existing business models and it expects some firms to respond by developing and diversifying. Uncle Buck will be responding to the consultation proposals.
As one of the UK’s longest established short term loans lenders, Uncle Buck is up to the challenge and is already trialling a new three month instalment product to give customers more options when choosing their preferred source of credit.
Uncle Buck wants its customers to be able to repay their loans without undue difficulty and to be able to sustain repayments.
For more information, please visit http://www.unclebuck.co.uk/payday-loans-uk.html to learn more.
About Uncle Buck
Uncle Buck is the online solution for short term cash needs. If in need of cash for an unexpected expense they are here to help.
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SOURCE: Uncle Buck