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Clampdown on payday lenders begins

Payday lenders will have to operate within tighter restrictions in a bid to stop them from collecting vast amounts of cash in interest repayments. Controversial companies like Wonga will not be allowed to roll over loans more than twice.

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Payday loans changes and controversy timeline

  • March 2013 - The UK's biggest payday lenders are threatened with being put out of business after a damning report uncovers evidence of "widespread irresponsible lending", by the Office of Fair Trading (OFT).
  • June - The OFT refers payday lenders to the Competition Commission for a full-scale probe, saying it has found "deep-rooted" problems.
  • July - The Archbishop of Canterbury told Wonga the Church of England wants to "compete" it out of existence as part of its plans to expand credit unions.
  • November - More than one million people plan to take out a payday loan to cover the cost of Christmas 2013, research by the Money Advice Service (MAS) finds.
  • June 2014 - The CMA says payday loan borrowers are paying around £60 a year over the odds because of problems shopping around.

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