LONDON, December 4, 2014 /PRNewswire/ --
Mr Lender (http://www.mrlender.com), a leading UK-based short term loans provider, today announces it is one of the first in its industry to introduce a new, lower interest rate for customers. This follows an announcement by the Financial Conduct Authority ("the FCA") on 11 November 2014 introducing new price cap regulations.
Under the new regulations, the following apply:
- Interest payable is capped at 0.8% per day
- Fixed default fees are capped at £15
- The total interest and fees charged on a loan can never exceed 100% of the amount borrowed
Following this announcement, Mr Lender has invested in its systems and procedures to ensure that the improved terms are available to customers at the earliest opportunity. Therefore just three weeks since the FCA's announcement, the business is introducing these new terms.
Adam Freeman, Founder and Chief Executive Officer of Mr Lender said, "As a responsible lender, we welcome the changes brought by the FCA.
"Our customers are at the heart of everything we do. As a proactive and innovative business, we wanted to roll out a lower interest rate as early as possible and we've worked hard to make it happen.
"So from today customers can borrow from us at the lower, daily interest rate of 0.8%, or in monetary terms 80 pence a day per £100 borrowed."
Freeman continued, "The new regulations will bring a lot more clarity to the short-term lending market which can only be a good thing; both for customers who will be able to easily and fully understand the cost of borrowing, and for lenders who will need to be a lot more transparent about their charges."
Notes to editors:
Mr Lender is a leading UK-based short-term loan provider. Founded in 2009 by Adam Freeman, the business operates from its head office in Essex, England and employs 170 people.
For full details of the Financial Conduct Authority's Policy Statement PS14/16, visit:
SOURCE Mr Lender