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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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Unison: Payday loan advertising cut 'welcome step'

This is a welcome step in the right direction, but a restriction on advertising time does not go far enough.

These loans are targeted at financially vulnerable, often desperate people, and companies must be restricted - by regulation - from giving loans to those who simply cannot afford to repay them.

Cuts to trading standards have restricted the ability of officers to crack down on illegal loan sharks. Unison hopes the same mistakes will not be made with the new Financial Conduct Authority.

– Dave Prentis, general secretary of the Unison union

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