The collapse of Quick Quid – is it all over for payday loan providers?

The collapse of Quick Quid – is it all over for payday loan providers?

Cash advance businesses have actually struck the news once more this week after the statement that Quick Quid, the UK’s former leading payday lender, has entered management.

Enova, fast Quid’s owner, blamed uncertainty that is regulatory its choice to stop trading. But, it really is commonly stated that Quick Quid had been dealing with big volumes of complaints, in addition to 24 Financial Ombudsman rulings in preference of customers that has reported which they have been mis-sold loans.

Cash advance businesses have become quickly in the past few years providing fast or immediate access to lending options, primarily loans and bank cards. Nonetheless, these kinds of solutions have sparked debate regarding lending that is responsible. Much of the critique arises because of the high rates of great interest applied; putting numerous susceptible customers into further pecuniary hardship with little to no or no possibility of keeping the repayments or clearing the initial financial obligation. Continue reading “The collapse of Quick Quid – is it all over for payday loan providers?”