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Cash advance companies examined over irresponsible financing claims

Cash advance companies examined over irresponsible financing claims

Any office of Fair Trading stated it really is worried that pay day loan organizations are benefiting from susceptible individuals.

The pay day loan industry is become examined over issues that organizations are benefiting from individuals in monetary trouble, the regulator announced today.

The headlines comes a couple of weeks after cash advance company Wonga ended up being assaulted by customer teams for focusing on college pupils with advertising claims that its short term installment loans – which have A apr that is representative ofper cent – are ideal for seats to your Canary isles.

Now the Office of Fair Trading (OFT) stated this has launched an ‘extensive review’ since it is worried loan that is payday are:

  • Providing loans without first checking acceptably that the debtor can repay them.   Read more