New rules curb powers of payday lenders

Emma Woollacott
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FIC0061.JPGFICclose-upCoin pursesCoinsconceptsDimesFinancial IconsMoneyNickelsPenniesQuartersRedScarcitystill lif

From today, payday lenders will no more be allowed to roll over loans more than twice or help themselves to the contents of borrowers' bank accounts.

They will also be required to place risk warnings on television advertisements to highlight the dangers of late payments, and direct borrowers to the government's Money Advice Service (MAS) for help.

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