As QuickQuid collapses, is it all over for payday loan providers?
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â€œYes! Glorious. A different one down, additional to go!â€
I tâ€™s reasonable to state that the response to the closing of payday financing company QuickQuid happens to be nothing short of rapturous, hailed by jubilant campaigners on Twitter as another nail hammered to the coffin of a deeply unpopular industry.
The company’s collapse, following its United States owner Enova’s choice to grab of Britain after a crackdown by regulators, marks one of many last blows for a business model long accused of punishing susceptible borrowers with sky-high interest levels.
But perhaps the watchdogs whoever tougher rules put payday loan providers out out of company agree you will find a huge number of individuals desperately low on money whom depend on short-term financing to pay for unforeseen bills. Continue reading As QuickQuid collapses, is it all over for payday loan providers?
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