The Office of Fair Trading's (OFT) review of the payday loan market found around a third of loans are repaid late or not repaid at all.
Twenty-eight per cent of loans are rolled over or refinanced at least once, providing 50 per cent of lenders’ revenues.
38 of the 50 lenders we visited failed to comply with at least one of the complaint handling rules set by the Financial Ombudsman Service.
A lack of awareness of the Financial Ombudsman Service’s rules was commonplace.
More top news
Ofcom has been asked by cable giant Virgin Media to open a formal investigation into the way the Premier League sells its TV rights
The whole tooth: Five fascinating dental facts
Newcastle boss Alan Pardew's job is under no immediate threat despite a winless start to the Premier League season.