Tighter regulation of payday loans.Introduction of caps by the FCA

As a consequence of the FCA’s tighter legislation, numerous lenders needed to pay settlement to customers. In June 2014 Wonga, the UK’s biggest provider of pay day loans, compensated a complete of £2.6 million in payment. In 2014, 330,000 Wonga customers had their debts completely written off october. This is as results of ...