Have your say on payday loans

The Government is collecting evidence on bad practice amongst payday lenders – and this is your chance to let them know your experience.

A special consumer survey is being carried out which gives people the opportunity to set out the details of their relationship with a payday lender.  Customers are being asked about the level and clarity of information they were given, about checks on their ability to make the repayments and about support if they get into difficulty.

They are also asked about rolling over payday loans, and about how they have been treated if they missed payments.

The survey can be found at www.surveymonkey.com/s/PayDayCustomers and the closing date is Wednesday 14 August.

In addition to the survey, research is being carried out into how payday lending advertising affects consumer behaviour.

This work is being done ahead of the formal establishment of the Financial Conduct Authority as regulator for the industry next year.  It will focus on advertising, rolling over loans, the use of continuous payment authority (whereby  in some circumstances customers have found that a payday lender has removed all their cash from their current account) and affordability checks. 

The next step will be a consultation by the FCA in September about their new rulebook.