The Money Charity response to HCSTC consultation

For our analysis of the HCSTC market, we follow the FCA Handbook definition with the exception that we have widened the definition to include loans with APRs

What Is a HCSTC Loan? High-cost short-term credit loans are a type of unsecured loan As the name suggests, these types of loans are taken out

hcstc We reviewed our HCSTC rules in 2017 We found that the 760,000 borrowers in this market have saved around £150m per year Our reforms have led

hcstc HCSTC is just one credit option ○ The FCA found that when applicants were declined, 43% decided not to borrow at all, 25% borrowed from friends and family