Which? uses cookies to improve our sites and by continuing you agree to our cookies policy

Campaigns | Payday loans and overdrafts

Clean up credit media image 335204
borrowing money stories banked


More action needed to clean up the credit market

6th September

We're calling on the Financial Conduct Authority (FCA) to broaden its efforts to clean up the credit market, as our new report uncovers problems that are making it difficult for consumers to manage their borrowing and shop around.

Despite an improving economy, UK consumers' total unsecured debt remains at £158 billion and our new research reveals that eight in ten people used a credit product in last year. And a significant proportion of them run out of money by the end of every month.

At the same time, our new report identifies problems with all forms of credit and failures at every stage of the customer journey, making it difficult for consumers to manage their credit, to compare the cost of different types of credit and find the best deal for their needs.

Unscrupulous practices of payday lenders

Our executive director, Richard Lloyd, said:

'The regulator has so far rightly focused on the unscrupulous practices of payday lenders, however, we have found problems across the whole of the credit market. It’s now more important than ever that all credit products are up to scratch, so that consumers can more easily manage their borrowing.'

The FCA must crack down on poor practices and help put consumers back in control of their credit, and lenders should step up and improve their products and practices.

Download the report

2014-09-06 Action needed to clean up the credit market Resource


FCA proposes a cap on credit

The Financial Conduct Authority (FCA) has proposed a 0.8% cap on the daily rate of a payday loan, meaning many lenders will have to cut their rates.

1st April 01 Apr

The FCA takes over credit regulation


Labour would impose a levy on payday lenders

Ed Miliband today announced that Labour would impose a levy on payday lenders if the party came into power.

Payday lenders quizzed at government summit

Payday lenders faced government scrutiny today. Serious concerns were raised about payday lending and what the industry should do to protect their customers.

The OFT takes payday loans to the Competition Commission

The Office of Fair Trading (OFT) confirms that it has referred the £2bn payday loan sector to the Competition Commission.

Government promises to clamp down on credit

The government has today announced plans to impose tougher restrictions on payday lenders, following a year-long investigation by the Office of Fair Trading (OFT).
Take action

This campaign has closed

petition signatures
Help us reach 12,838

Recent Supporters

  • Jane 14 days ago
  • Kimberley 16 days ago