Payday loans expensive 'due to lack of competition'
The Competition and Markets Authority has decided payday loans are more expensive due to a lack of competition in the sector.
ITV News Business Editor Joel Hills reports:
Competition and Markets Authority decides payday loans are more expensive than they should be due to a lack of competition between lenders.
CMA looking at creating independent price comparison website for payday loans and clearer disclosure of charges if loan not repaid on time.
Read: Regulator to investigate ways to increase payday loans competition
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