Payday lenders will be forced to provide details of their products on impartial price comparison websites so the sector's 1.8 million customers can shop around more easily for the best deal under a proposed clampdown set out by a watchdog.
Unveiling the plans, the Competition and Markets Authority (CMA) said at the moment there is little transparency over the cost of loans and competition on price is "weak".
It said that by ensuring there are accredited websites providing "impartial, relevant and accurate" information about payday loans, there will be a much greater incentive for lenders to offer low cost loans to win borrowers' business.
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