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:

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Competition and Markets Authority decides payday loans are more expensive than they should be due to a lack of competition between lenders.

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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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Regulator to investigate payday loans competition

The Competition and Markets Authority is to investigate potential ways to increase price competition in the payday loans sector.