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
ITV's Tonight programme tracks down the Romanian criminal mastermind behind one of Britain’s biggest jewellery heist gangs.
The company has seen rocketing sales but still makes a loss, while calls to offer benefits to riders could make its model unviable.
Consumer group Which? has backed the fire brigade's call to end produced of 'fire risk' plastic backed fridges and freezers.