The Financial Conduct Authority (FCA) is the regulatory body for payday and short-term loan providers. Please make sure that you only deal with FCA authorised lenders. This is because the FCA guarantees you consumer rights that all of their authorised lenders have to uphold.
The extra protection you enjoy when borrowing from an FCA-authorised lender includes:
you must not be charged over 100% of the price of your original loan in interest and fees
late payment fees cannot be more than £15
you cannot be charged an interest rate of over 0.8% a day