Wednesday, 10 July 2013

Payday lenders throw in towel

The Office of Fair Trading says since March, 9 payday lenders have handed in their licences, 3 have had them revoked and 3 are under investigation.

The OFT produced a damning report on payday lenders back in March saying there was "widespread irresponsible lending" and wrote to 50 leading players warning they could be stripped of permission to trade.

Last month they were referred to the Competition Commission.

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