When this ruling is enforced I do wonder how many firms will choose to set the price on the capping line. Many Credit Unions do this, although this is expected since they can charge no more than 26.8% APR. Between now and the end of 2014 my guess is that most companies will continue to charge the rates they do now and then in December there will be a massive influx of changes. This will cause a headache for post updates here. Hopefully, some will make the changes sooner and the purpose of this particular page is to keep track of the pricing changes as we become aware of them.

Payday Lender Price Cap Updates:

= VarioLoans (Ancora Capital Ltd): You can receive plenty of flexibility here including short terms (7 to 35) or longer terms (2, 3 or 4 months). For their shorter selections there was a simple 1% daily charge and no faster funding fee was required. For a weekly £100 loan you now pay £4.55 whilst over 30 days the new charge is £19.48. This equates to a daily rate of approx 0.650%. They have also interestingly updated their instalment loan cost (as they have also done below). Per £300 this was £165, but this has now been lowered to just £118.64.

= WagedayXpress (Ancora Capital Ltd): This product offers terms spanning from 1 to 12 weeks. The £100 charge for 7 days was £10 and over 4 weeks (28 days) this was £25. There are again no fast funding fees. The new charges include £5.25 for 7 days (0.750%) and the price for 28 is amazingly priced at £13.13 (0.469%). For £300 over the maximum term (84 days) the cost was £185.04, but this has also been cut down to £102.38 (0.406%). The rates here would likely be lower than Vario due to the repayments being taken weekly.

Both of these companies were launched by Ancora back in late 2013. They of course started out in 2012 with the RedWallet brand. RedWallet currently holds the same price of £29/£100 that is a complete same day cost. This can be taken over the month only. We will keep an eye out on the cost updates on that side.

More Updates to Follow.