Payday lenders told to clean up their act

Payday lenders told to clean up their act Payday lenders have been told to clean up their act after the Office of Fair Trading (OFT) found widespread examples of “irresponsible lending”. The OFT also plans to refer the payday loan market, worth over £2 billion per year, to the Competition Commission, after uncovering “deep rooted” problems with how companies compete for business. After investigating the largest 50 payday loan companies the OFT is giving the sector just 12 weeks to change how ...