Wonga’s collapse and exactly just just what it indicates for the those who depend on payday advances

Wonga’s collapse and exactly just just what it indicates for the those who depend on payday advances

Analysis Fellow, Coventry University

Disclosure statement

Lindsey Appleyard gets funding from RCUK, Barrow Cadbury Trust, Carnegie UK Trust while the cash information provider

Coventry University provides money being user regarding the discussion British.

The discussion UK gets funding from the organisations

Wonga, the poster-boy regarding the british lending that is payday, has gone into management after an influx of client payment claims. Its demise is because government legislation to reform the payday advances sector in preference of the buyer.

A cost limit which was introduced by the Financial Conduct Authority (FCA) regulator in 2015 on high-cost, short-term credit ensures that Wonga along with other payday loan providers’ reputation for reckless financing is getting up using them. Continue reading “Wonga’s collapse and exactly just just what it indicates for the those who depend on payday advances”