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
Fire service confirms that two buildings have collapsed in an explosion thought to have been caused by a gas leak.
Famous global landmarks fell dark for 60 minutes to mark Earth Hour, a campaign urging awareness and action on climate change.
Police have shut off part of the famous Las Vegas Strip after a gun man barricaded himself inside a bus after killing at least one.