The head of the Consumer Finance Association, which represents the industry, has urged people to consider the full consequences of a crackdown on the high costs and charges enforced by payday lenders.
Anyone who thinks that a price cap is good news for borrowers should have a thought for those many people who will be turned down for loans because the best lenders will have to reject those with the worst credit records.
We support a cap that allows the industry to operate profitably with the right protection in place for vulnerable people. With new regulations and tighter affordability checks, critics must now face up to the fact that most people use, need and like short-term credit and the measures in place are more stringent than for any other form of consumer credit.
More top news
Four QPR hooligans caught on CCTV reeking havoc and attacking rival fans have been jailed.
Ex CPS boss says it was a "serious failing" by prosecutors not informing him of an investigation into allegations against Lord Janner.
Today there'll be plenty of sunshine across the British Isles with wispy cloud towards the coast.