UK Office of Fair Trading says no to pay day rate cap

Pay day loans laws – specifically capping rates – is nothing new to American political theater. Yet not all nations are so quick to cap the payday loan; they allow the wheels of the free market economy to dictate price. The Guardian indicates that the UK's Office of Fair Trading (OFT) has opted not to place a rate cap on the nation's payday loan industry, as doing so would harm competition and inflate prices for short-term consumer credit.

Article Source: UK Office of Fair Trading says…