Which? response to the Treasury’s payday loan announcement today

Richard Lloyd, Which? executive director said: 

“We’re pleased the Government is committed to taking tougher action on payday loans by capping the sky-high fees and charges that drag people down in a spiral of debt.

“This will need to be part of a wider clean up of the credit market. The Government and the Financial Conduct Authority must clamp down on irresponsible lending and excessive fees across the board, whoever the lender.”

Statement