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Wonga, the poster-boy associated with british lending that is payday, went into management after an influx of consumer payment claims. Its demise is because of federal government legislation to reform the loans that are payday in preference of the buyer.
A cost limit that has been introduced because of the Financial Conduct Authority (FCA) regulator in 2015 on high-cost, short-term credit ensures that Wonga as well as other payday loan providers’ reputation for reckless financing is getting up using them. Continue reading “Wonga’s collapse and just what it indicates for the social those who depend on payday advances”