Press Releases
Publication of OFT High Cost Credit Review
Thursday 17 June 2010
Comment from Rachael Corcoran, Chief Executive of the British Cheque & Credit Association (BCCA)
"We very much welcome the OFT's findings that payday lenders meet the needs of consumers, provide excellent service and high customer satisfaction levels.
The OFT also acknowledges that APR is not a good measure to use when looking at the cost of short term loans. The BCCA wholeheartedly agrees with the OFT view that any price controls would be detrimental to consumers.
The BCCA is committed to working with the OFT to ensure the short term finance industry continues to provide excellent service and value to customers."
Ends
The British Cheque & Credit Association (BCCA) represents around 800 businesses who offer third party cheque cashing services and/ or short term unsecured loans where the repayment period is 6 months or less. This includes pay day loans. Members range from quoted public companies to sole traders, and they provide a high quality service to their customers.
For further information please contact Jill Hulme on 07913 278514.
