New payday loan regulations come into force on Friday, requiring all online lenders to advertise on at least one price comparison website.
The CMA says the new rules will:
- Allow customers to compare loans more easily, to establish the best value
- Give borrowers a clear explanation of fees and charges, making it easier to establish the cost of missing repayments
- Make it easier for new lenders to compete with existing players on price
The Consumer Finance Association, which represents payday lenders, says the price cap has already resulted in 600,000 fewer consumers having access to credit.
It says the number of loans being approved since 2013 has fallen by 42%.
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