On Air Now Jono Evans Noon - 4:00pm Email
Now Playing Stargazing Myles Smith Download

    OFT reacts to UK payday loan cap

    The Office of Fair Trading says it will follow a new UK law capping the interest on payday loans.

    Legislation is being introduced by the UK Government to hold payday lenders to account - with controls on charges including arrangement and penalty fees.

    The OFT says that whilst payday lenders have a role to play in providing short-term credit, it’s vital that consumers have options beyond legal and illegal loan sharks.

    Chief officer Mike Ball says a lot of locals use the UK providers:

    More from Isle of Man News


    Recently Played

    Listen Live Listen