Does the demise of QuickQuid sign the final end of payday advances?

Does the demise of QuickQuid sign the final end of payday advances?

Final Friday saw the collapse of this UK’s payday lender that is largest QuikQuid, carrying out a raft of customer complaints and payment claims. The business announced it had been quitting the united kingdom market “due to regulatory doubt” aided by the companies failing continually to achieve an understanding utilizing the Financial Ombudsman Service on problems associated with payment.

But, while customer teams could be celebrating, there are issues that less option within the sector could make life also more challenging for the people with little to no usage of credit.

QuickQuid ended up being a brandname 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 were subsidiaries of US-owned Enova, that has agreed a one-off fee of ВЈ58 million, with ВЈ33 million for this to guide business until it exits the united kingdom.

But, is more rigorous regulation accountable for killing down this country’s payday lending industry? QuickQuid follows hot from the heels of Wonga which collapsed in 2018. This 12 months additionally saw the demise of Instant Cash Loans Limited – it owned the funds Shop, Payday Express, Payday UK and Ladder Loans brands. [Read more…]