The party has said that the new action would see lower maximum costs on 450,000 payday loans a year.

The changes would mean that borrowers would benefit from a new cap on interest rates for credit cards and unauthorised overdrafts under SNP plans to tackle problem debt.

The proposals, to be set out in the party’s manifesto, will also include a demand that the maximum charge for payday loans be lowered further.

A cap on interest rates and charges for payday loans was introduced in 2015, meaning that borrowers must never pay more in fees and interest than 100% of what they borrowed.

SNP MPs will push for new legislation that will lower that cap even further and extend the principle to credit cards and unauthorised overdrafts.

Latest figures show that Scottish borrowers take on over 450,000 payday loans a year.

SNP candidate for North Ayrshire and Arran, Patricia Gibson, said: “Between a decade of Tory austerity and Brexit, many Scots are feeling real pressure on the cost of living – which is why we need to escape Brexit and put Scotland’s future in Scotland’s hands.

“Most families will rely on credit at one point or another, but they shouldn’t be hammered by rip-off interest rates and charges.

“The price cap on payday loans introduced in 2015 shows that there are ways of tackling high-cost credit.

“SNP MPs will call for new action to lower the price cap on payday loans even further – and to extend the principle to credit cards and overdrafts.

“That action will make a real difference to people across Scotland – and is just part of our package of support to help with the cost of living.”