Friday, 24 February 2012

Payday lending review

The Office of Fair Trading is to investigate the payday lending industry. The wide-ranging review will involve site visits to lenders and could result in enforcement action.

They are worried that firms have been giving out loans to borrowers who are unlikely to be able to replay - such as students, those on benefits and the unemployed.

There are also concerns about firms rolling over loans which customers can't pay off, resulting in higher charges.

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