A lack of price competition means payday loan customers pay too much for their loans, according to the Competition and Markets Authority (CMA). In a summary of its provisional findings published today (11 June), the CMA said the absence of price competition could be adding £5 to £10 to the average cost of a payday loan, relative to a typical loan of £260 taken out for three weeks. The CMA estimates that in 2012 there were 1.8 million payday loan customers in the UK, taking out approximately 10.2 million loans, worth £2.8bn. If the market were more competitive, the CMA said an average customer taking out six loans a year could save between £30 and £60 per year.....Read more here