As QuickQuid collapses, is it all over for payday lenders?

Industry News | 26/10/19

It’s fair to say that the reaction to the closure of payday lending firm QuickQuid has been nothing short of rapturous, hailed by jubilant campaigners on Twitter as another nail hammered into the coffin of a deeply unpopular industry.

The firm’s collapse, after its US owner Enova’s decision to pull out of Britain following a crackdown by regulators, marks one of the final blows for a business model long accused of punishing vulnerable borrowers with sky-high interest rates.

But even the watchdogs whose tougher rules put payday lenders out out of business agree there are thousands of people desperately low on cash who rely on short-term lending to cover unexpected bills. The question now is where they will turn instead.

Source: The Telegraph