Which? response to the Office of Fair Trading’s payday lending update

In response to the Office of Fair Trading’s payday lending update, Which? executive director, Richard Lloyd, said:

“The fact that many lenders would rather leave the market than face scrutiny from the regulator shows just how bad practice has been in this fast-growing industry. People are increasingly turning to high cost credit just to pay for essentials or repay other debts, so it is vital that the Government and regulators continue to get tougher on irresponsible lenders.”

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