Payday Loans

Complaints about payday loans and packaged bank accounts have skyrocketed over the last year, but not by enough to knock PPI off its perch as the most complained about financial product.

Payday lenders will no longer be able to advertise on Google after the technology giant decided to take a stand against how "unaffordable payment and high default rates" negatively impact its users.

Almost 4,000 borrowers are due a share of £1.7 million after CashEuroNet UK LLC, trading as QuickQuid and Pounds to Pocket, lent some customers more than they could afford to repay.

More than 147,000 borrowers are due a share of over £15.4 million after Dollar Financial UK (Dollar), trading as The Money Shop, Payday UK, Payday Express and Ladder Loans, lent many people more than they could afford to repay.

Payday loan ads could be banned from being shown on kids' TV – something which MoneySavingExpert.com has campaigned for – as the broadcasting watchdog has this week launched a consultation on the issue.

More than 92,000 customers of payday loan firm, Cash Genie, are due a share of £10m in redress after the firm was found guilty of making a number of "serious failings", including charging unfair fees and rolling customers' loans over without consent.

Complaints about Payment Protection Insurance (PPI) halved between 1 April 2014 and 31 March 2015 compared with the previous year, while gripes about packaged bank accounts and payday loans have risen, according to the Financial Ombudsman Service.

Payday lender Wonga is launching a new advertising campaign featuring 'hard-working dinner ladies and mums' after ditching its controversial puppet ads.

Payday lenders are "failing customers in arrears" and using "unacceptable practices", a review of the market by the regulator has found.