Doorstep lending crackdown - papers 18th August

The paper says the Competition Commission found such firms had overcharged borrowers by about £100m a year, and also told small loan providers, who typically collect instalments in monthy door-to-door visits, to make loans easier to compare by providing clearer statements. The competition watchdog wants better information "to increase customers' sensitivity to prices (by enabling them to make comparisons between loans) and stimulate price competition between providers". The market provides small loans of usually less than £300 to people on low incomes in what is now a £2bn-a-year market ...