A cap on the amount payday lenders can charge their customers has been announced by the United Kingdom's financial regulator, the Financial Conduct Authority (FCA). Payday loan rates will be capped at 0.8% per day of the amount borrowed. In total, no one will have to pay back more than twice what they borrowed, and there will be a £15 ($24) cap on default charges. The new cap means borrowers who fail to pay back on time can be charged a maximum of £15, plus a maximum of 0.8% a day in interest and fees. “For people who struggle to repay, we believe the new rules will put an end to spiraling payday debts," said FCA chief executive Martin Wheatley.