Payday Loan Laws

From a piece at "The Guardian,"

"A payday lender has been fined and had its licence taken away by the Office of Fair Trading for the first time but is still lending money at interest rates of more than 5,000%.

The lender, MCO Capital, has 28 days to appeal against the action taken by the watchdog, which fined it 544,505 and revoked its licence after the company failed to check the identity of people applying for its loans. This allowed fraudsters to use the personal details of more than 7,000 individuals to successfully apply for loans amounting to millions of pounds. The lender then wrote to people demanding they repay the loans even though it was aware their details may have been used fraudulently and they may not therefore have borrowed the money."

Read the full article at The Guardian

For a thorough discussion of the payday loan industry and access to our payday loan training materials, we recommend you proceed to Payday and Paycheck