OFT investigates payday lenders

The review will involve visits to 50 lenders and could, the OFT said, result in enforcement action. It is concerned that firms may have been giving out loans to borrowers who are unlikely to be able to repay. There have also been worries about lenders allowing customers' debts to spiral by rolling them over. The OFT said evidence gathered from its visits would be used to boost standards across the sector. David Fisher, OFT director of consumer credit, said: "We are concerned that some payday lenders are taking advantage of people in financial difficulty. "This is unacceptable...