Fourteen payday loan firms in the UK decided to bow out and stop offering credit loans or exit the market entirely in response to firm demands from the Office of Fair Trades. The OFT recently wrote to 50 payday lenders across the country, and asked them to meet the legal lending practice requirements or leave the industry.
All firms were given a 12-week deadline to respond to the mandate, and the Guardian reported only one firm missed the deadline. Fourteen payday lenders told regulators they would end payday loan services, while three have decided to cease offering credit completely. The remaining 11 will still be allowed to provide other loans and services to customers.
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