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Action is being taken against payday lenders who are flouting guidance on online advertising in the run-up to Christmas. The Office of Fair Trading (OFT) found some were not checking whether customers could afford to borrow or outlining charges for going into arrears. A number were unclear about the loan terms and failed to explain the contract.
The OFT has not named the firms.
The businesses could be stripped of their consumer credit licences or simply be forced to change their practices.
The regulator has now started to check advertising on the websites of 50 further firms.
Booming industry
In a report sent today to MPs on the Business, Innovations and Skills Committee, the OFT says that complaints about the lenders to helpline Consumer Direct rose to...Read more here--: BBC News - Payday lenders face OFT penalties
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