OFT goes after 50 payday lenders

Advertise here

Published by Max Salsbury for 24dash.com in Communities and also in Campaign, Finance, Legal

The OFT (Office of Fair Trading) has started formal investigations into 50 payday lenders over aggressive debt collection practices. The OFT is also concerned with the adequacy of checks made by some lenders on whether loans will be affordable for borrowers. It is additionally writing to all 240 of the country's payday lenders to express its concerns over poor practices in the sector. Some payday lenders charge APRs of over 4000% on their loans, and have been described by Labour MP Stella Creasy...

Read full article...