United Kingdom - OFT suspends credit licence of online payday lender

The OFT has suspended the consumer credit licence of Micro Lend UK Limited (Micro Lend), an online payday lender based in Colindale, North West London. This is the first time the OFT has suspended a payday lender's credit licence and is part of its ongoing action in the sector.

The OFT took this step after concluding that suspending the licence is urgently necessary to protect consumers. The suspension means it is now a criminal offence for Micro Lend, or any other person, for example an employee of Micro Lend, to engage in any consumer credit or credit broking activity using the company's credit licence. This press notice has been issued to inform consumers and other consumer credit businesses. The principal place of business for Micro Lend is Unit 3, Colindale Business Park, 126 Colindale Avenue, London, NW9 5HD.

Micro Lend has been invited to make representations to the OFT by 24 March 2014. If representations are made, the OFT's Adjudicator will take into account the representations and decide whether to confirm the suspension (with or without variation) or withdraw it.

Read the press release.