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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.

Better help for consumers in financial difficulty from payday loans

Payday lenders have agreed to improve their codes of practice to increase transparency and better protect vulnerable borrowers, Business Minister Norman Lamb announced today.

Rein in ‘payday lenders', say 93% of GB population

Changes need to be made in order to protect consumers from ‘payday loan' lenders, according to new research by insolvency trade body R3.

Struggling Brits caught in a payday loans debt trap

Over 60% of people who took out payday loans were using the money to pay for household bills or buying other essentials like food, nappies and petrol, a survey by Which? has revealed.

OFT review into payday lending

The OFT has launched an extensive review of the payday lending sector. This is in part prompted by concerns that some payday lenders may be taking advantage of people in financial difficulty.

3.5 million reach for payday loans as ‘zombie' debtors rise

As nearly half the population (45%) struggle to make it to ‘payday', a payday loan will become a reality for many.

Payday loans market rife with poor practice, finds Which?

A Which? Money investigation has uncovered widespread poor practice in the payday loans market, including potential breaches of the Consumer Credit Act, poor privacy provisions and inflated APRs.

Money mayday as Brits turn to payday loans

The rising cost of living combined with the recent run of expensive bank holidays has led to a 58 per cent increase in demand for payday loans through, compared to the same period in April.

Compass payday loan interest cap proposal

Stephen Jones, money reporter says "It is encouraging that Compass have brought payday loans into the spotlight and highlighted the need for change.

Economy still hurting but households start to cope

Applications for payday loans are at last starting to plateau, indicating that plummeting inflation and falling mortgage rates are finally having a positive impact on households.

‘Quick and easy' pay day loans could become more tempting

As the credit crunch brings consumers to their knees this Christmas, the lure of ‘quick and easy' pay day loans could become more tempting now than ever before.

Payday Power launches to help provide low risk payday loans

Payday Power launched recently out of a growing demand for a safe and easy instant cash advance service that is regulated by government bodies that people in the UK can trust.

Rise in cost of living brings payday loans to fore

With the prices of the essentials of life such as basic foods and petrol continuing to spiral out of control, a record number of Brits are turning to payday loans to help tide them over financially.