A new report on payday loan companies and their customers is due to be presented to the government.
It has been written by the Consumer Finance Association (CFA)—the trade body for payday lenders. The CFA is due to take over regulation of its own industry in April 2014.
Payday lenders charge up to 4,000 percent interest and target people who can’t get credit. Branches in south London have recently been caught illegally handing flyers to children with sweets and balloons.