Industry WIKI

Payday loans in the United Kingdom are typically small value (up to £1,500) and for short periods. Payday loans are often used as a term by members of the public (and commentators) generically to refer to all forms of high-cost short-term credit (HCSTC) including instalment loans, e.g. 3–9 month products, rather than just loans provided until the next pay day.

A price war is a form of market competition in which companies within an industry engage in aggressive pricing activity "characterized by the repeated cutting of prices below those of competitors". This leads to a cycle, where each competitor attempts to match or undercut the price of the other. Competitors are driven to follow the initial price-cut due to the downward pricing pressure,