Industry concerns. In March 2013 the OFT announced it had serious concerns about payday lenders after it uncovered evidence of widespread irresponsible lending.
It said lenders were failing to explain adequately how payments will be collected, using aggressive debt collection practices and not treating borrowers in financial difficulty fairly. It also found that up to half of payday lenders revenue comes from loans that last longer than 30 days and cost more than originally agreed because they are rolled over.
So far this year the OFT has revoked the licences of three payday lenders and says it will continue to crack down on payday lenders that breach the law or OFT guidance.
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Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury does payday loans hurt your credit. If you are connected to a tribal lender, please understand that the tribal lenders rates and fees may be higher than state-licensed lenders.
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