Payday Loans

Online payday lenders will be forced to publish details of their products on at least one price comparison website – a move which has been branded "flaccid" by MoneySavingExpert.com.

The City of London Police has today said it will not carry out a criminal investigation into Wonga's debt collection practices after it was revealed last year that the payday lender used letters from bogus law firms to pressure customers into paying debts.

Vulnerable borrowers will be better protected from spiralling costs as new rules to crack down on payday lenders and brokers come into force today.

The Government has announced it will fund a pilot scheme to set up savings clubs in primary schools in a bid to help prevent children racking up debts later on in life.

A crackdown on unexpected fees charged by payday loan middlemen has been unveiled by the industry watchdog.

Of the 45,000 customers who received fake lawyer letters from payday lender Wonga, 18,000 have yet to receive compensation offers from the firm.

Children as young as four are being encouraged to join savings clubs as part of a bid to prevent them relying on payday loans or racking up heavy debts later in life.

People taking out payday loans will never have to pay back more than double what they originally borrowed, the Financial Conduct Authority (FCA) has announced today. While MoneySavingExpert.com welcomes this move, it is disappointed that the loan cost cap isn't lower.

Payday loan brokers, or middlemen, are taking advantage of low income earners by offering to get them the cheapest deal then taking fees of up to £700 from their bank accounts, according to NatWest.

Payday lenders will have to provide details of their loans to comparison websites in order to operate, under new proposals set out by the Competition and Markets Authority (CMA) today.