HardMichael
Member
The largest payday loan company in the UK, Quick Quid, has announced they are closing. It’s thought that the firm was facing up to 10,000 complaints from lenders regarding the firms practices.
Quick Quid follows Wonga and The Money Shop to the walk in recent years, with industry experts saying that government regulations causing significant reductions in the firms business and historic legal claims from customers racking up large compensation bills.
I doubt many people will bemoan the demise of companies flogging cash for very high interest rates but did these firms fulfil an important role, providing finance to people with bad credit and few savings? Or did their aggressive marketing create the demand and cause people who didn’t really need the money to apply for it? I always thought the adverts showing people paying for a new boiler or car part from a massive interest £150 until payday were a little far fetched.
Have any P&Bers ever taken out a payday loan? Did you appreciate the help or were you exploited?
Do any P&Bers fancy teaming up to offer loans for high interest? Failure to pay results in debtors being taken to Ruel st.
Can any P&Ber lend me a tenner? Just until next week.
Quick Quid follows Wonga and The Money Shop to the walk in recent years, with industry experts saying that government regulations causing significant reductions in the firms business and historic legal claims from customers racking up large compensation bills.
I doubt many people will bemoan the demise of companies flogging cash for very high interest rates but did these firms fulfil an important role, providing finance to people with bad credit and few savings? Or did their aggressive marketing create the demand and cause people who didn’t really need the money to apply for it? I always thought the adverts showing people paying for a new boiler or car part from a massive interest £150 until payday were a little far fetched.
Have any P&Bers ever taken out a payday loan? Did you appreciate the help or were you exploited?
Do any P&Bers fancy teaming up to offer loans for high interest? Failure to pay results in debtors being taken to Ruel st.
Can any P&Ber lend me a tenner? Just until next week.