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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 for the UK’s payday lender that is largest QuikQuid, carrying out a raft of client complaints and payment claims. The business announced it had been quitting the united kingdom market “due to uncertainty that is regulatory with all the business people failing woefully to achieve an understanding because of the Financial Ombudsman provider on issues concerning payment.

But, while customer teams might be celebrating, there are issues that less option when you look at the sector could make life also more challenging for the people with small use of credit.

QuickQuid ended up being a brandname owned by CashEuroNet British as well as its other brands, that are also now in administration, including lender that is payday to Pocket and installment loan provider On Stride. All three had been subsidiaries of US-owned Enova, which includes agreed a charge that is one-off of million, with ВЈ33 million with this to aid the business enterprise until it exits the united kingdom.

But, is much more rigorous legislation accountable for killing down this country’s payday lending industry? QuickQuid follows hot regarding the heels of Wonga which collapsed in 2018. This also saw the demise of Instant Cash Loans Limited – it owned The Money Shop, Payday Express, Payday UK and Ladder Loans brands year.