American & British PDL Industry - Interesting Find

[fkofilee]

Heres One For You...

 

Below is a video from youtube for a series in the USA called "Last Week Tonight" Hosted by John Oliver.

 

Although its a comedy show, He did a interesting article on Predatory Lending. Watch the whole thing and towards the end you'll see something that appears to be happening in our market. (Yes the FCA clamped down, but most of the surviving companies have begun to change their product offerings...)

 

 

Think of people like Quickquid, MyJAR, Sunny, Wonga, 118 Money... Etc

They have adjusted their type of business to rolling credit accounts and longer term loans. I sense that this will become the next big

thing the FCA may clamp down on. The FCA clamped down on Pay Day Loans in general EG - Limited CPA Attempts etc

 

These companies do certainly find a way to evolve...

 

EG; Take for example Sunny - They used to be 1MonthLoan are were just that, a 1 Month Loan over all.

 

They have now become Sunny and are a rolling credit account;

 

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[citizenB]

There is too much money to be made by the companies for them just to leave the market, fk.

 

With so many people locked out of main stream lending, there will always be call for this type of lending.

[fkofilee]

I most certainly agree...