Payday lenders will have to make sure their customers can afford their loans and face having misleading ads banned under new rules to crack down on the industry.
Payday loan firm Speedy Cash has been accused of "preying on children" by MoneySavingExpert.com, after handing out leaflets enticing families into payday loan shops with the promise of "free photos with Santa".
Credit brokers are preying on cash-strapped borrowers by posing as payday lenders and charging unexpected fees for organising loans, according to evidence compiled by Citizens Advice.
George Osborne has announced the Government will cap the costs of controversial payday loans – but full details of how it will work haven't yet been set out.
Tenants living in rented homes would have better access to bank accounts and credit if information about rent payments was added to their credit rating, says Experian.
Ed Miliband has backed MoneySavingExpert.com's campaign to stop adverts for payday loans being shown during children's programmes, warning Labour would change the law to ban them if necessary.
11 November 2013
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