Competition and Markets Authority says hard-pressed borrowers paying the extra costs can be those least able to afford it

Borrowers who take out payday loans could be overpaying by more than £45m a year, the competition regulator has found.

The Competition and Markets Authority (CMA) said the industry’s focus on speed rather than price and a lack of transparency over fees could be adding between £5 and £10 in repayments to the average payday loan, which is £260 borrowed over three weeks.

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