Who'll Be Needing A Loan Now ?

[bazwillrun]

http://news.sky.com/story/1467657/wonga-crashes-to-35m-loss-after-torrid-year

shame....couldnt happen to nicer people

[Gromit]

// The Financial Conduct Authority (FCA) has estimated that the vast majority of the roughly 400 payday lenders operating in Britain will go out of business following the introduction in January of a price cap on loan and repayment charges. //

Good to see that something the Government did has had a successful result.

[mikey4444]

Gromit..interesting and welcome news ! Have you got a link on that ?

[THECORBYLOON]

http://m.ft.com/cms/s/0/ac77fe6c-6971-11e4-8f4f-00144feabdc0.html they reckon only four or five will remain.

[Svejk]

If people didn't need/use them, they wouldn't exist.
The APR is misleading because they're only supposed to be short term loans.
How do you stop people getting their lives in a mess? Don't think you can.(not that I disagree with the extra regulation they had)

[hc4361]

It is still a fact that when Wonga was charging its highest ever interest rate it could still be cheaper to borrow from them than to go in to unauthorised overdraft with one's own bank.