Payday Loan Providers Reported to the OFT
Written on 29 Sep, 2011 at 06:47 by Ulyana Chernyak
Report published by Which?, UK independent consumer service, suggests that the market of payday loans is full of companies that use poor practices.
According to Which?, many of payday loan providers act in breach with Consumer Credit Act, inflate interest rates and do not guarantee website security. Moreover, these firms urge Brits to borrow more than they need.
As a result of the investigation performed by the consumer group, several payday loan firms were reported to the OFT and ICO.
Commenting on the findings, Mr. Lloyd of Which?, said that "payday loans might seem like a good solution for people whose money won't stretch to the end of the month, but they should be treated as an absolute last resort. They can be an incredibly expensive way to borrow and we've uncovered a long list of poor practice by lenders."
He highlighted that in most cases overdraft is much cheaper than paydayloans.
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