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Earlier this week, the Office of Fair Trading (OFC) began investigation into over 50 payday lenders to ensure these industry players are abiding by the acceptable laws and regulations governing the subprime financial industry.
The OFC takes these inquiries very seriously, as it is the responsibility of the lenders to provide financing to people who are found able to repay what they borrow. Lenders require certain information to assess and determine whether or not a borrower is reasonably able to repay their loan – this is typically based on the status of the borrowers’ employment.
This investigation was launched as a result of concerns over various online lending sites with lenders who continuously extend the terms of borrowers contracts causing them to fall further into debt by no fault of their own.