It is the duty of the lenders to ensure that they are accepting loan applications by the right people, i.e. those who are able to repay.
Bath (PRWEB UK) 27 February 2012
Friday’s announcement that more than 50 lenders will be investigated by the OFT has been described as ‘necessary and appropriate’ by payday loans expert Steven Sutton.
‘It is the duty of the lenders to ensure that they are accepting loan applications by the right people, i.e. those who are able to repay. Lenders have a more in-depth knowledge of who would be appropriate for a loan, and investigations such as these regularly address the balance,’ Mr Sutton continues.
Online Payday Loans is a lender searching site, designed as a middle-man site between borrower and potential lender.
The investigation comes amid concerns that lenders are continually extending the debt, creating a spiral that borrowers will never be able to repay.
‘If true, then the OFT will be keeping the lenders in check with suggestions of reform, ultimately ensuring more confidence within the payday loans market.’
Online Payday Loans is owned and run by AJInteractive.