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The government is to introduce a new law to cap the cost of payday loans.,However, the chancellor denied that the authorities had a made a U-turn about the problem, stating he wasn't pre-judging that the outcome of a Competition Commission inquiry into cash lending.,'' Some payday lenders have been criticised for charging over 5,000% annual interest - although the creditors say these loans are supposed to be short-term, therefore the annual rate can make charges seem worse than they are.,Penalties for late payment are permitted to be as much as twice the loan amount.,In the UK, the FCA has already been granted the power to cap the prices of payday loans.,The FCA has also proposed a series of measures to clamp down on the industry, including limiting loan roll-overs to just two, and restricting the use of continuous payment government (CPAs). ,However, the Consumer Finance Association (CFA), which represents a number of the cash lending companies, was sceptical about whether cost controls could work in customers' interests.,Labour leader Ed Miliband has already said his party could cap the expense of payday loans.,Mr Miliband has also vowed to give councils new powers to restrict the spread of cash lending stores in city centres.personal loans for bad credit not payday loans

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