No problem with pay day lenders

Fri, 25 Oct 2013

Pay day loan companies operating on the Isle of Man aren’t causing a problem for local people.

That’s the finding from a new report published by the Office of Fair Trading which looks into the money lending service.

The review was conducted after the UK OFT expressed major concern about its lenders and how the pay day market works.

Lenders here are said to be more compliant with the standards of responsible lending than their UK counterparts.

Chief officer Mike Ball says that’s pleasing: