Public respond well to payday loan survey

There’s been a good response to a payday loan survey which will be used to determine if the Isle of Man needs new legislation.

The Office of Fair Trading has been asking people to document their experiences on the money lending service.

Payday loans are small, short-term, unsecured cash handouts arranged by local lenders, online and call centre firms and by companies in other jurisdictions.

There are just over two weeks left to fill out the OFT’s confidential survey which is looking at whether the loan market is functioning in the best interests of consumers.

Chief officer Mike Ball says there have been problems in the UK:

(AUDIO ABOVE)