Payday Loans Must Change Business Practises

The video discusses the challenges and regulatory actions surrounding payday loans in the UK. It highlights personal experiences with payday loans, the Office of Fair Trading's (OFT) actions against irresponsible lending practices, and the financial impact of these loans on consumers. The government proposes new restrictions on payday lenders, while the industry defends its practices. Personal stories illustrate the severe consequences of payday loans, emphasizing the need for better consumer protection.

What was the initial amount borrowed by the individual before his debts spiraled?

• £100

• £180

• £400

• £300

What did the Office of Fair Trading find about the payday loan industry's reliance?

• It relies on customers who are financially stable.

• It relies on wealthy customers.

• It relies on government subsidies.

• It relies on customers who are struggling financially.

How much would a typical credit card loan cost compared to a payday loan for the same amount?

• £45.00

• £390.00

• £90.00

• £4.50

What was the government's proposal in response to the payday loan industry's practices?

• To ban payday loans completely.

• To introduce new advertising restrictions.

• To increase interest rates.

• To provide subsidies to payday lenders.

What was the personal impact of payday loans on Christopher?

• They had no impact on him.

• They were a financial disaster.

• They helped him save money.

• He found them beneficial.