1. National

OFT action on payday loans

The Office of Fair Trading has referred the payday lending industry to the Competition Commission because of concerns it has about "deep-rooted" problems with the way competition works.

View all 11 updates ›

The payday lending industry in numbers

The Office of Fair Trading (OFT) announced it has referred the payday lending industry for a full investigation by the Competition Commission.

Here are some findings about the industry:

  • 240: Number of payday lenders in the industry
  • Two billion: Estimated worth of the sector in pounds
  • 50: Number of payday lenders warned by the OFT to prove they are up to scratch
  • 12: Number of weeks lenders were given to show they had addressed the problems
  • 270: Typical size of a payday loan in pounds
  • 50: Percentage of payday lenders' revenues that the OFT found came from 28% of loans that are rolled over or refinanced at least once
  • 12 or more: Number of consecutive rollovers that some payday loan customers had in the most severe cases found by OFT inspectors
  • 5,853: The APR advertised on loans from Wonga, one of Britain's best-known payday lenders

More on this story