The Competition and Markets Authority has ruled the lack of competition in the payday loans sector:
- Could be responsible for adding £5-£10 to the average cost of a payday loan
- This is relative to a typical loan of £260 taken out for just over three weeks
- A typical customer (who takes out six loans a year) could save £30-£60 per year
- The gap between the cheapest and most expensive deals for a month-long £100 loan is more than £30
More top news
Greater Manchester Police's chief constable revealed the offences that drew attention to the future Manchester suicide bomber as a teenager.
Thousands of Beko tumble dryers could pose a fire risk through an overheating fault, the manufacturer has warned.
Labour leader Jeremy Corbyn was unable to provide the cost of his party's key manifesto plans on free child care.