Tweet
The UK's biggest payday lender - Wonga - saw its losses double last year as tougher regulation in the industry continued to bite.
The short-term lender saw pre-tax losses grow from £38.1m in 2014 to £80.2m last year. It has overhauled the way it assesses applications for credit, and extended the repayment term for some loans. However, it suggested 2016 would be a "turning point" in its financial performance. The company, along with other payday lenders, faces tougher rules from the regulator, the Financial Conduct Authority (FCA), which has ruled that customers must go through stricter affordability checks......Read more here
Read more from our aad Blog pages:
Wonga Crashes To £35m Loss After Torrid Year Link
- Hi & Welcome to the AAD Consumer Forum
We're a FREE consumer debt and legal forum offering help, support and debate in many areas of day-to-day life. You will need to Register a Free Account before you can join in with the discussion and contribute with your own posts. Remember to also check out the FAQ's so you can get to grips with how the forum works ready to start posting your new topics. Read about the new GDPR 2018 Rules and how it affects you as a member of AAD.