Kirk Byrne Home page

Can Payday Lenders Survive

Posted on 27 April 2015

According to an article on the BBC website, one of the best known payday lenders, Wonga, has announced losses of £37.3m for 2014 with expected further losses for 2015.

These losses are set again a payday market that has rapidly contracted with approved loans having dropped an estimated 75% since their peak in 2013. This contraction together with the implementation of the Financial Conduct Authority's (FCA) tougher rules capping the costs of payday loans looks likely to reduce the number of players in the market.   

In recent years payday loans have come under severe criticism for their very high rates of interest and punitive charges for late payment, in addition there has been criticism that the loans have been targeted at the most vulnerable, already overburdened with debt and those who can least afford the repayments. 

 

 

back to overview
I always recommend clients requiring specialist insolvency advice speak to Byrne Associates as I am confident that they will receive, empathetic and appropriate advice, reflecting well on my practicePeter (PB accountancy )

Contact Us

  • Head Office: Suite 3 Farleigh House, Farleigh Court, Old Weston Road, Flax Bourton, Bristol, BS48 1UR
  • Tel: 01275 464 038
    Fax: 01275 462 937
  • info@byrneassociates.co.uk

Copyright © 2012-2018 Byrne Associates   |  Privacy Policy  |  Sitemap

R3 - Association of Business Recovery Professionals
ACCA - global body for professional accountants
Byrne Associates twitter feed
Byrne Associates LinkedIn profile
X

Can we help?

Contact us now - 01275 464 038

Call now