Wonga collapse renders Britain’s other payday lenders in firing line

Wonga collapse renders Britain’s other payday lenders in firing line

LONDON (Reuters) – The collapse of Britain’s biggest payday loan provider Wonga probably will turn within the temperature on its competitors amid a rise in grievances by clients and phone phone phone calls by some politicians for tighter legislation. Britain’s poster child of short-term, high-interest loans collapsed into administration on Thursday, just months after raising 10 million pounds ($13 million) to greatly help it handle an escalation in payment claims.

Wonga stated the rise in claims ended up being driven by alleged claims administration businesses, businesses that assist consumers winnings settlement from businesses. Continue reading “Wonga collapse renders Britain’s other payday lenders in firing line”