Wonga to be quizzed on payday loans by MPs

Representatives from the three of the biggest payday lending firms will appear before the Business, Innovation and Skills Select Committee today, along with opponents to the short-term lending sector.

Payday lenders:

  • Wonga
  • QuickQuid
  • Mr Lender

Consumer organisations:

  • Richard Lloyd, executive director of Which?
  • Gillian Guy, chief executive of Citizens Advice Bureau

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Miliband's payday loans attack

Labour leader Ed Miliband has attacked payday loan lenders, claiming that "the Wonga economy is one of the worst symbols of this cost of living crisis." A Wonga executive has told MPs his firm's practice compares 'favourably' with credit cards.