Payday loans by numbers - Direct Pay Day Loans Lender In UK

Payday loans by numbers

240 - The number of payday lenders in the market.

2 billion - The estimated worth of the sector in pounds.

50 - The number of payday lenders that were warned after a report in March by the trading watchdog to prove they are up to scratch or risk being put out of business.

12 - The number of weeks the Office of Fair Trading (OFT) gave lenders to show that they have addressed the problems it has found.

30 - The number of payday lenders' websites that emphasised speed and quick access to cash over cost out of the 50 looked at by the OFT in March.

270 - The typical size of a payday loan in pounds.

12 or more - The number of consecutive rollovers that some payday customers had in the most severe cases found by OFT inspectors.

17 - The number of lenders out of the 50 inspected by the OFT that were found to actively promote rollovers in marketing material or at the point of sale as a ''feature'' of the loan.

50 - The percentage of payday lenders' revenues that the OFT found came from 28% of loans which are rolled over or refinanced at least once.

19 - The percentage of payday lenders' revenue that came from 5% of loans which were rolled over or refinanced four or more times, according to the OFT's findings.

38 - The number of lenders out of the 50 inspected by the OFT that failed to comply with at least one of the complaint-handling rules of the Financial Ombudsman Service.

7,221 - The number of people who sought help from debt charity StepChange last year who had five or more payday loans.

5,853 - The APR (annual percentage rate) advertised on loans from Wonga, one of Britain's best-known payday lenders. Wonga, which has more than one million active customers, argues that its APR figure is not a good reflection of the true cost of its loans, which are intended to be for a short-term period.

Read 99736 times Last modified on Thursday, 15 August 2013 18:53

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