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The Office of Fair Trading (OFT) is increasing its scrutiny of payday loan companies after the number of complaints about them soared.

In a report to the Government, the OFT revealed that the number of complaints received by helpline Consumer Direct about payday loan companies more than doubled to 1,535 in the 11 months to November.

In 2010, the number of complaints received by Consumer Direct in the whole year was just 700.

Complaints to the Financial Ombusdman have also increased – by 72 per cent this year, compared with 2010.

Payday loan companies have been found to be breaking advertising rules and the OFT is checking the websites of around 50 firms.

Payday lenders are also failing to check if customers can afford to take out a loan. <

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We all occasionally run low on cash from time to time. Those troubling periods, when it seems the next payday cant come too soon, credit cards are the most obvious convenience. However, many borrowers have found themselves swept up in the larger economic turmoil affecting so many Americans, and they can no longer depend upon the traditional unsecured debt alternatives like credit card debt to help their households stay afloat. This is where the so called payday loans come in. Without question, the convenience of payday loans can be extremely tempting. Indeed, for folks suffering through illness or some other catastrophe, payday loans might even be considered an acceptable risk to guarantee the comfortable survival of their families.

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