The payday loan industry faces fines and closures if it does not improve the way it does business.
An interim report by the Office of Fair Trading (OFT) says that many payday lenders are not operating by the rules particularly when it comes to lending policy and the collection of debts.
The full report will be published in February when the OFT has completed its’ investigations, however the interim report, published yesterday, has fuelled concerns about the practices of some payday lenders.
Payday lender concerns
The interim report comes after the OFT visited the 50 largest payday loan lenders, but it will be expecting ...