Financial ombudsman has upheld 70% of complaints against payday loan firms over past year

Companies offering short-term loans to consumers have been urged by the financial ombudsman to prioritise the needs of their customers and warned that borrowers were already struggling with unmanageable levels of debt before the coronavirus crisis began.

In recent years the Financial Ombudsman Service has dealt with thousands of complaints from borrowers who took out payday loans and other short-term borrowing that they could not afford to repay.

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