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Watchdog launches pay-day loans inquiry

SCOTLAND'S pay-day lenders are to be investigated amid concerns that they are exploiting those in the greatest financial need.

margo MacDONALD:  Pay-day loan bill scrapped.
margo MacDONALD: Pay-day loan bill scrapped.

The decision by the Office of Fair Trading (OFT) to scrutinise the growing trade in short-term, high-interest loans approved without a credit check has been welcomed by MSPs and debt campaigners who have voiced growing concerns about offers of fast-cash solutions.