Payday lenders in the UK are having a cap applied to the amount they can charge customers.
It follows concerns many vulnerable people have been targeted with loans they can't afford and then unfairly punitive rates when they struggle to repay.
The Financial Conduct Authority says payday loan rates will be capped at 0.8% of the amount borrowed per day, and no one will have to pay back more than twice what they borrowed.
The measures will apply from January.
Danny Cox of stockbroker Hargreaves Lansdown says it will have a major effect on the industry.
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