07:58 18 July 2013
The Office of Fair Trading toughens up on payday lenders as reportedly eleven of them has committed to refrain from further offering payday loans or other short-term loans, and 22 more are apparently expected to follow suit as a response to the body’s final demand.
Fifty of the biggest payday loan companies have received letters from the Office of Fair Trading as results of a year-long investigation of these companies divulged the lending practices that put their borrowers in a difficult situation, it has been reported.
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