The consumer watchdog has accused payday loan companies of "irresponsible lending", "pressure tactics" and other bad practices.
The OFT has given them them 12 weeks to prove they provide an important service, or else they could face closure.
However, there will be no cap on interest rates.
Consumer Editor Chris Choi reports:
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By May, the supermarket's own brand chocolate products will be sourced ethically, meaning small-scale farmers will get a fair deal.
A group of anarchists have reportedly invaded a building metres away from the Queen's central London residence.
The government is encouraging motorists to think twice about buying diesel cars in a bid to improve air quality.