Payday loans lender faces a wave of compensation claims that cost it £5.7 million in the second half of 2018 Claims management companies raising claims without the knowledge of the customers in a bid to overwhelm lenders CMCs abusing part of the GDPR as they seek to get personal data to use for profits Payday […]
Category: Loans
Stella Creasy Says FCA Saw Collapse Of Payday Loans Lenders
Stella Creasy calls for investigation of FCA over the collapse of payday loans lenders Wonga and QuickQuid investigate by FCA and ordered to compensate customers in 2014 and 2015 FCA blamed for failing to take action on lenders despite having informants in the companies Payday loans campaigner Stella Creasy has said that the FCA saw […]
Credit Unions To Replace Payday Lenders
Community lenders could be a solution to the lenders following the collapse of predatory payday lenders Partnerships between credit unions and fintechs to benefit from the Affordable Credit Challenge Six partnerships awarded- £150 each to develop affordable lending solutions Following the collapse of payday lenders in the UK there is a need to bridge the […]
Students’ Loan Debt Relief Companies Sued By The CFPB And States For Violation Of TSR
Accused companies and owners violated TSR by charging advance fees before adjusting student loans Companies lied about debt forgiveness within months when it is the DOE to determine forgiveness States indicate that the defendants violated UDAP and other state rules Two student-loan debt-relief companies have been sued for alleged violation of state laws and CFPA […]
Leaked Audio Reveals How Payday Loans Lenders Are Trying To Prevent Regulation By Donating To Trump Campaign
Michaels Hodges said in a webinar that payday lenders donating to Trump campaign could Capture the attention of white House Scrapping the CFPB will mean payday lenders will generate $7 billion from struggling Americans The new regulation will require lenders to ascertain if the consumer can manage to pay the loan before lending On Tuesday […]
Softbank To Invest £510 Million In Greensill As Part Of Launching An Alternative Service To Payday Loans
Payday loans could soon be a thing of the past after Softbank indicated that it will invest £510 million Greensill. Lex Grensill a founded Morgan Stanley banker created the online finance platform. New payday service to see an end to payday loans Greensill announced the new acquisition is part of its plan to introduce a […]
UK Payday Loans Lender QuickQuid Goes Into Administration As Customer Complaints Pile
The UK’s largest Payday loans lender QuickQuid is to close which will leave several complaints regarding its lending unresolved. The payday loans company has indicated that it will be folding from the UK market because of regulatory uncertainty. Payday loans lenders mis-sold customers unaffordable loans Customers raised complaints that the lender offered them loans that […]
Google Cracks the Whip On Payday Loans By Banning apps In App-Store
Google announced recently that it had banned payday loan apps from its apps store. This is a move that the company has taken as a way of fighting predatory loans in a better way. The company indicated that they were banning all apps offering harmful or deceptive payday loans with interest rates higher than 36%. […]
Payday Loans Are Preying On Borrowers In Kansas, Non-Profits Call For Tighter Regulation
Payday loans are there to save a situation whenever things get worse and no one is ready to loan you. However, these loans do attract significantly high-interest rates on the money borrowed and can leave one dry. Kansas had 685,000 payday loans last year Several people rely on the payday loans to pay off debt, […]
Funding Circle Announce A 30% Increase In Loans Under Management After A Turbulent Year
Peer-to-peer lender Funding Circle has indicated that loans under management had hit £3.7 billion and that it is on track of its 2019 guidance. The company has had a turbulent 12 months with its shares dropping more than 75% from a year ago. Funding Circle’s loans under management increase to £3.7 billion Funding Circle which […]