Citizens Advice urges payday lenders to focus on treating customers fairly rather than growing profits regardless of the cost to consumers.
Gillian Guy, Chief Executive of national charity Citizens Advice, said:
“Payday lenders' profits come directly from the pockets of consumers, many of whom turn to them out of desperation rather than choice.
“The payday loans industry must focus on boosting customer welfare, rather than boosting profits at the expense of hard-pressed householders who struggle to pay back unaffordable loans. Our evidence shows persistent, deep-rooted problems with the way payday lenders treat their customers, so we want to see lenders’ focus shift from increasing profits even further to looking at how they can tackle their customers’ complaints and become more responsible lenders.
“Consumers are already bombarded with glossy payday loan adverts which mask the misery of a life in debt. We want people to fight back and report irresponsible and misleading adverts as well as fighting irresponsible lenders.”