UK Money News
28th July 2008
OFT to probe payday loans sector
Companies which provide so-called payday loans are to be probed by the Office of Fair Trading (OFT) it has been announced.
The investigation follows increasing concerns about the activities of the companies, some of whom debt advice groups claim charge interest rates equivalent to 2000 per cent annually.
Payday loans from money shops are typically sought out by consumers with bad credit records who would struggle to be approved for loans by mainstream lenders.
Damon Gibbons of Debt On Our Doorstep told BBC Online: "We certainly welcome the fact the OFT says it is looking at the issue of responsible lending more generally in the UK.
"But we want to push them further to ensure payday lending is at the top of their list and is acted on immediately.
He added: "We believe there is a lot more they could be doing to curb the worst excesses of the payday industry."
The growth in consumers opting for the products is thought to have been fuelled in part by high street loan providers shoring up their lending criteria in the face of the credit crunch.
back to July's Money News
This article and more Latest Money News can be found on MoneyCrocodile.co.uk
Personal Loans from UKPersonalLoans.com
Personal Secured Loans for Homeowners and Personal Tenant Loans for Non-Homeowners. You can apply online for an Any Purpose Loan or Personal Debt Consolidation Loans or use one of our Loan Calculators.
Debt Advice from ReduceDebt.com
Debt problems? Refused a loan? Got CCJ's or Arrears? Get the best advice and help by enquiring online. Our Debt Professionals will help you whatever debt problems you have. Some of the options available to you are Debt Management, Debt Consolidation, Debt Couselling and IVAs,
UK Personal Finance from MoneyCrocodile.co.uk
UK Online Personal Finance site covering: Loans, Mortgages, Credit Cards, Insurance, Debt Advice, Bankings and Savings, Finance Tools and Money Jargon. We also cover Any Purpose Loans, Secured Loans, Personal Loans, Tenant Loans, Car Loans and Debt Consolidation Loans. If you are looking for Personal Finance let Money Crocodile put a smile on your face.
Car Loans from GBCarLoans.com
Don't just accept the dealers finance - get a quote from us before you buy!. UK Car Loans for New Cars or Used Cars: Supermini, Small, Hatchback, Saloon, Estate, MPV, 4x4, Sports, Luxury, Executive, Cabriolet or Classic Car.
Tenant Loans from TenantLoan.com
If you're looking for a low cost tenant loan, then look no further. We aim to find you a highly competitive interest rate and you can borrow anything from £5,000 and £250,000 with up to 25 years to pay.
