Payday loan complaints reach five-year high

Industry News | 15/05/19

Complaints against payday lenders have soared to a five-year high, the industry watchdog has said.

There were nearly 40,000 new complaints brought last year, up a “startling” 130% on the 17,000 the previous year, the Financial Ombudsman Service said.In too many cases people have been left to struggle with debt, it said.
Short-term lender industry body the Consumer Finance Association (CFA) said most of the complaints dated back a number of years.

Source: BBC