The campaign to tackle the payday lending sector has been gifted another small victory today as the Department for Business, Innovation, and Skills publishes a report calling for more focussed regulatory attention to the sector.
if the mountains of usurious cash being built by Wonga, The Money Shop and others seem too high for fairer lenders to scale – ask yourself: did you ever think the Tories would cap the cost of credit?
Wonga are on a mission to pull the wool over our eyes on their very expensive credit product and the customers who they serve.
Carl Packman busts two myths about the recent remarks about Wonga by Archbishop Justin Welby.
The Archbishop Justin Welby is back in the news today after it emerged that he met with Errol Damelin, the chief executive of payday lender Wonga.com, to tell him he wants to put the company out of business.
Labour-run Plymouth council has sought measures to stop payday lending companies such as Wonga and The Money Shop from advertising on its billboards and bus stops – a move that will sit alongside agreements reached with city commercial partners to block adverts on the council’s computer network, including in libraries.
Payday lending has historically been referred to as fringe banking in the United States, but you couldn’t deny it’s anything other than big business today.
The chorus of disapproval is starting to become deafening on payday lending. However Canada shows that another model of payday lender regulation is possible.
We’ve a gaffe-prone chancellor in George Osborne: before it was the 4×4 in the disabled parking space, then it was the fine for not having a first class ticket. Now he’s caught out by The Sun for eating a “posh burger”.
The payday lending industry punishes people for its own faults: they don’t carry out the correct credit checks then continue to charge borrowers excessive fees and interest on loans they probably couldn’t afford to begin with.
