Final Friday saw the collapse associated with UK’s largest payday loan provider QuikQuid, following a raft of consumer complaints and payment claims. The business announced it was stopping the united kingdom market “due to regulatory doubt” aided by the business people neglecting to achieve an understanding aided by the Financial Ombudsman provider on issues associated with compensation.

But, while consumer teams might be celebrating, there are issues that less option when you look at the sector could even make life more challenging for people with little to no use of credit.

QuickQuid was a brand name owned by CashEuroNet British as well as its other brands, that are additionally now in management, including payday lender Pounds to Pocket and installment loan provider On Stride. All three had been subsidiaries of US-owned Enova, which includes agreed an one-off cost of ВЈ58 million, with ВЈ33 million with this to aid the company until it exits the UK.

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