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TMCNet:  Many loans paid back late ; BRITAIN IN BRIEF [Newcastle Evening Chronicle (England)]

[February 01, 2014]

Many loans paid back late ; BRITAIN IN BRIEF [Newcastle Evening Chronicle (England)]

(Newcastle Evening Chronicle (England) Via Acquire Media NewsEdge) LESS than two-thirds of payday loans are fully paid back on time or early, research for the Competition Commission has found.

The Commission, which is carrying out an industry-wide probe after reports of "deep-rooted" problems in the payday sector, has published a progress report.

It said around 65% of loans are repaid in full on time or early and repeat use of payday loans, either by rolling one over or taking out another loan, is "prevalent".

It also found seven out of 10 customers had not shopped around before taking out their most recent loan, and six out of 10 had never done so.

The Commission's full report will be published later this year.

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