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Clamp down on payday lenders

Britain's biggest payday lenders have been threatened with being put out of business after a damning report by the Office of Fair Trading uncovered evidence of "widespread irresponsible lending".

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Advertising slogans found 'misleading' and 'irresponsible'

The Office of Fair Trading found the following advertising slogans to be "misleading or indicative of irresponsible lending":

  • ‘No credit checks’
  • ‘No Credit? No Problem!’
  • ‘Loan guaranteed’
  • ‘No questions asked’
  • ‘Applications processed 24/7’
  • ‘Instant cash’
  • ‘Borrow up to £750 instantly’

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