Citizens Advice's chief executive Gillian Guy said payday lenders must focus on customer welfare, not profits, after Wonga released strong figures today.
Payday lenders' profits come directly from the pockets of consumers, many of whom turn to them out of desperation rather than choice.
The payday loans industry must focus on boosting customer welfare, rather than boosting profits at the expense of hard-pressed householders who struggle to pay back unaffordable loans.
Our evidence shows persistent, deep-rooted problems with the way payday lenders treat their customers, so we want to see lenders’ focus shift from increasing profits even further to looking at how they can tackle their customers’ complaints and become more responsible lenders.
Consumers are already bombarded with glossy payday loan adverts which mask the misery of a life in debt. We want people to fight back and report irresponsible and misleading adverts as well as fighting irresponsible lenders.
More top news
A widow with no surviving relatives faced a 100th birthday alone until a Facebook appeal saw thousands of cards and presents flood in.
Prince William says he would love to take Prince George to football matches, but he will have to "pass that by the missus".
A lucky couple are counting their (one million and one) blessings after a thief broke into their car but left the winning lottery ticket.