By Matt Scuffham LONDON (Reuters) – The Office of Fair Trading has asked for a review into competition among payday lenders, after finding evidence a lack of choice means firms are profiting from loans that can’t be paid back on time. Payday lenders offer short-term loans, which are intended to be paid back when borrowers receive their wages. But critics say they charge excessively high interest rates and take advantage of the vulnerable in a weak British economy where mainstream banks have cut back on short-term consumer lending. …
Economy News Headlines – Yahoo! News
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