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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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OFT gives payday lenders 12 weeks to change practices

The Office of Fair Trading has announced it is giving the leading 50 payday lenders, accounting for 90 per cent of the payday market, 12 weeks to change their business practices or risk losing their licences.

It comes after a year-long investigation which uncovered evidence of widespread irresponsible lending and failure to comply with the industry standards.

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