MoneySavingExpert News
Payday Loans
Low income consumers are typically paying £174 a year on extra credit costs from high street lenders by building up charges as they juggle their finances, a report warns today.
5 January 2012
One in seven Britons has turned to a pricey payday loan or sky-high unauthorised overdraft to cover rent or mortgage costs in the last year, a worrying study from charity Shelter has found.
4 January 2012
The Office of Fair Trading (OFT) is to carry out an investigation into the controversial payday loan industry in the new year, it confirmed this week.
14 December 2011
Labour MP Stella Creasy has stepped up her calls for a cap on the cost of short-term, high interest loans, as new figures reveal 3.5 million Britons expect to need a payday loan in the next six months.
7 December 2011
The Government faces further calls to cap the cost of payday loans and other high costs credit firms, after an e-petition urging action was launched this week in support of proposals by Labour MP Stella Creasy.
27 October 2011
The number of people running into debt after taking out a payday loan has quadrupled in two years, consumer charity Citizens Advice warns.
10 October 2011
23 September 2011
The Government wants to conduct further investigations before deciding whether to cap the cost of payday loans and other types of high cost credit.
19 July 2011
An MP leading the charge to cap the cost of payday loans and other short-term lending says she will press for legislation in upcoming talks with the Treasury.
13 June 2011
The Government will consider a cap on prices charged by high-cost lenders but stopped short of supporting a motion calling for immediate regulation.
3 February 2011
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