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Payday loans companies reported to OFT
Investigation by Which? finds the payday loans market is rife with poor practice
The payday loans market is rife with poor practice, including potential breaches of the Consumer Credit Act, poor privacy provisions and inflated APRs, according to consumer organisation Which? Money.
Following an investigation into payday loan companies, Which? has reported two lenders – Paydaykong.com and Swiftmoney.co.uk – to the Office of Fair Trading, after finding that the former appeared to be operating without a consumer credit licence while the latter failed to show the APR for its loans. Which? has also reported Casheuronet UK, which operates Quick-payday.co.uk and Quickquid.co.uk, to the Information Commissioners' Office (ICO) after its researcher received dozens of unsolicited third party emails and phone calls in the days following his application. This was despite the lender assuring Which? it does not sell customers' details to third parties.
Other examples of poor practice include....Read more on this story---> Payday loans companies reported to OFT | Money | guardian.co.uk
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