Payday Loans

Payday lenders have been branded as "out of control" by debt advice charity Citizens Advice, after it found cases where money had been lent to people who were aged under 18, had mental health issues, or were drunk when they took out the loan.

The Duchess of Cornwall has praised credit unions after one London-based co-operative announced it will keep offering "affordable" payday loans following a pilot scheme.

Payday lender MCO has been stripped of its credit licence after allowing over 7,000 people to become unwitting victims of fraud before chasing them for repayment.

Tenants facing soaring rents are resorting to drastic measures such as using payday loans and dipping into their children's savings just to hang on to their homes, a charity warned today.

Payday lenders have been ordered to play fair or risk being banned from the sector after a study found "explosive" evidence of irresponsible lending.

Consumer campaigners want a clampdown to clean up the "irresponsible" credit industry after finding nearly a quarter of people who take out expensive payday loans are using them to plug other debts.

The number of calls from people with payday loan problems to the National Debtline charity increased by 94% last year, new figures show.

Consumers are losing £450 million a year because the Office of Fair Trading (OFT) does not have the resources or powers to offer enough protection from unscrupulous credit firms, the public spending watchdog has found.