‘End of road in sight’ for payday lenders

Industry News | 16/12/19

A crackdown on payday lenders could result in the industry disappearing in three years’ time, it has been claimed.
The number of payday loans taken out in the three months to the end of September fell by 37 per cent to 807,723, according to analysis of Financial Conduct Authority data by Wagestream, a financial technology start-up. That is an acceleration from a 34 per cent year-on-year drop in the second quarter, a 32 per cent slide in the first, and a 23 per cent fall in the final quarter of last year.

The number of payday lenders fell to 61 companies during the third quarter, down from 88 in the same period last year. The rate of decline puts the industry on course to die…

Source: The Times