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Loan claim: OFT to review payday loan sector

The Office of Fair Trading (OFT) has announced it is to conduct an examination of the payday loans sector.

It is argued the loan charges can become unaffordable as a result of the 'rolling-over' process.

Furthermore, the OFT expressed concerns that money is often granted to individuals without the provider checking the recipients' ability to repay the cash, while particular demographics are targeted inappropriately by the loan companies.

People who get into financial difficulty might not always be treated fairly, the OFT added.

Money Advice Trust chief executive Joanna Elson stated: "Just two years ago National Debtline was receiving around 150 calls per month from people with payday loans. That figure has now ballooned to 1,100."

She said her organisation is concerned about how readily some payday lending firms are willing to give individuals credit, often providing money to people who are finding it difficult to meet their loan charges.

The specialist suggested that members of the public seek advice from Citizens Advice, My Money Steps, National Debtline or the Consumer Credit Counselling Service before asking for money from a payday lender.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801302929-ADNFCR

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