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Payday Loans

As house prices and rents escalate, payday loans have never been so vital

It's easy to forget, particularly if you are lucky enough to be on a steady financial footing, just how important payday loans remain for those who do not have great disposable income.

Payday loan problems halved since cap introduced

The number of problems reported to Citizens Advice about payday loans have almost halved.

Payday lenders need to point people towards debt advice

Payday lenders should seize the opportunity to point people they have turned down for a loan towards debt advice says Citizens Advice.

More short-term credit options needed to boost competition in payday lending

More choice of short-term credit is key to improving competition, says Citizens Advice as the Competition and Markets Authority (CMA) publishes its provisional decision on the payday loan industry.

Ombudsman warns consumers about payday loan middlemen

The ombudsman has spoke out about websites that take hundreds of pounds from unwitting consumers on the promise of finding cheap credit, only for the loans never to materialise.

Most payday loans used for ‘everyday expenses’, not just ‘emergencies’

The most popular use of a payday loan is for everyday expenses like groceries and not just for emergencies like fixing a boiler or repairing a car, according to new polling for the think tank IPPR.

Payday mayday - new cap will encourage borrowing

The majority of Brits (84%) are in support of Government plans to introduce a cap on the cost of payday loans, however it may encourage some groups of people to take on debt, according to the latest research from Amigo Loans.

Cap on payday loan costs is welcome, but more still needs to be done

In response to the Government announcement that it will be introducing a new law to cap the cost of payday loans, Michael Ossei, personal finance expert at, says: “While the Government’s announcement is a step in the right direction, putting a cap on interest rates does not solve the real issue of short-term lending.

One in two payday loan customers say experience was positive

Thousands of borrowers have fallen prey to the unscrupulous practices of payday lenders, but despite this almost half (49%) of those who have taken out a payday loan claim the experience has been positive, according to research from

Payday lenders failing to check if people can afford to repay

Payday lenders are damming people to debt by failing to carry out checks to make sure borrowers can afford to repay the loan, says Citizens Advice.

National Debtline sees 94% increase in payday loan debt problems

Debt charity the Money Advice Trust reports its National Debtline service took over 20,000 calls for help with payday loans in 2012, a huge record.

Debt problems with payday loans more than doubles in one year

As the new payday lending customer charter is launched, Citizens Advice Bureaux across the country are releasing new figures demonstrating a worrying increase in the number of serious debt cases relating to payday loans.

One million Brits use payday loans to cover bills every month

Nearly 14 million (28 per cent) people in the UK are borrowing money to cover the cost of household bills in a typical month, according to research from the Santander 123 account.

OFT revokes payday lender’s licence

The OFT has imposed a £544,505 financial penalty on the online payday lender MCO Capital Limited (MCO) for breaching the Money Laundering Regulations 2007, including its failure to adequately verify the identities of loan applicants. The OFT has also revoked MCO's consumer credit licence.

Payday lenders make progress protecting vulnerable borrowers

Business Minister Norman Lamb has welcomed the progress made by payday lenders as they published newly revised Codes of Practice to increase transparency and better help vulnerable borrowers, but warned that they need to maintain their focus on protecting consumers and tackling bad practice.