MSE News

Payday Loans

Steep rise in payday loan claims – but 1,000s are being stung by unnecessary fees

The number of complaints against payday loan firms soared by 130% in the past year, new figures from the the financial watchdog show. But the majority of claimants are using claims management firms, meaning they won't get the full compensation payout if successful.

16 May 2019

Mis-sold customers of Wage Day Advance and Juo Loans won't be given full compensation

Administrators for payday loan providers Wage Day Advance and Juo Loans, which collapsed in February, have admitted that customers who are owed compensation will only receive a "partial payment" for their claims

3 April 2019

Payday lenders told to offer compensation

The financial regulator has written to payday lenders today telling them they must compensate customers who were sold unaffordable loans

15 October 2018

Wonga goes into administration - what it means for you & Martin Lewis's view

Wonga has gone into administration, marking the end of the road for the UK's largest payday loan firm. Below you can read MoneySavingExpert.com founder Martin Lewis's view

31 August 2018

Actor Michael Sheen to take on high cost lenders

Hollywood actor Michael Sheen has launched a new campaign to tackle high cost credit

20 March 2018

Four in 10 workers have had no pay rise in the last year, poll of MSE users finds

Forty-one per cent of those in work have not had a pay rise in the past year, according to a new poll of MSE users

15 November 2017

Guest Comment: FCA on why “fundamental changes to unregulated overdrafts may be necessary”

The FCA's Chris Woolard sets out what the FCA has learned in its review of high-cost credit and where it will focus next

31 July 2017

Unarranged overdraft fees could be overhauled as FCA announces payday loan cap will remain

The price cap, which means people will never have to pay more than double what they originally borrowed, will remain

31 July 2017

Regulator denies payday loan cap will be lifted

The FCA has branded a claim that it will be relaxing the price cap on payday loans as

14 June 2017

Payday loan complaints to Ombudsman triple in a year

The Financial Ombudsman Service has found that complaints about payday lenders have tripled in 12 months

13 June 2017

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