Does the demise of QuickQuid signal the final end of pay day loans?

Does the demise of QuickQuid signal the final end of pay day loans?

Final Friday saw the collapse of this UK’s biggest payday loan provider QuikQuid, after a raft of consumer complaints and payment claims. The business announced it had been stopping the united kingdom market “due to regulatory doubt” with all the business people failing woefully to achieve an understanding using the Financial Ombudsman provider on dilemmas concerning payment.

But, while customer teams can be celebrating, additionally, there are issues that less option into the sector could even make life more challenging for all with small use of credit.

QuickQuid ended up being a brand name owned by CashEuroNet British and its own other brands, that are additionally now in administration, including lender that is payday to Pocket and installment loan provider On Stride. All three had been subsidiaries of US-owned Enova, that has agreed a charge that is one-off of million, with ВЈ33 million of the to aid the business enterprise until it exits great britain.

But, is much more rigorous legislation in charge of killing off this country’s payday lending industry? QuickQuid follows hot in the heels of Wonga which collapsed in 2018. Continue reading “Does the demise of QuickQuid signal the final end of pay day loans?”