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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'Irresponsible advertising' in the payday loans sector

Sajid Javid, Economic Secretary to the Treasury told Daybreak that there was "lots of irresponsible advertising" in the payday loans sector.

He said it needs to be addressed by an independent regulator, to make sure vulnerable consumers are not being targeted.

Payday lenders could be made to change the way they target customers under new laws to be revealed by the government.

The measures come as a report reveals serious problems in the market are harming consumers.

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