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Payday lenders offer short-term, high interest loans to consumers
Payday lenders will be investigated by a regulator amid concerns that customers are not being treated fairly.
The review by the Office of Fair Trading (OFT) will involve visits to 50 lenders and could result in enforcement action.
It is concerned that firms may have been giving out loans to borrowers who are unlikely to be able to repay.
There have also been worries about lenders allowing customers' debts to spiral by rolling them over.
Despite the negative publicity surrounding payday loan firms, the OFT has previously said that they and other high-cost credit businesses - such as pawn brokers or home-credit lenders - should not have their interest charges restricted.
It concluded in 2010 that they provided a useful service for some people who would not otherwise be able to borrow legitimately and who might thus be forced to borrow from illegal loan sharks.
24 Feb, 2012
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Source: http://www.bbc.co.uk/go/rss/int/news/-/news/business-17153544
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