Wonga collapse departs Britain’s other lenders that are payday firing line

January 29th, 2021 | Posted by mondelez in national payday loans payday loan online - (Comments Off on Wonga collapse departs Britain’s other lenders that are payday firing line)

Wonga collapse departs Britain’s other lenders that are payday firing line

LONDON (Reuters) – The collapse of Britain’s biggest payday loan provider Wonga will probably turn the heat up on its competitors amid a surge in grievances by customers and telephone phone calls by some politicians for tighter legislation. Britain’s poster youngster of short-term, high-interest loans collapsed into administration on Thursday, just months after raising 10 million pounds ($13 million) to assist it deal with a rise in settlement claims.

Wonga stated the rise in claims had been driven by alleged claims administration organizations, businesses that assist consumers winnings payment from organizations. (more…)