The trading watchdog will reveal this morning it plans to refer problems found with payday lenders for a full investigation by the Competition Commission, which has powers to ban or limit products and shake up whole markets.
Today's decision by the Office of Fair Trading comes after a major probe into the £2 billion payday sector. The watchdog published a damning report in March, in which it outlined the evidence it had gathered of "widespread irresponsible lending".
Sky-high interest rates of payday loans can vastly increase the amount owed. Here's some advice if you find yourself in financial trouble.
There are a few problems with the payday loan crackdown - and reform looks set to be a slow process.