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  • #1

    Payday Loan Companies - Competition Commission Study

    Hi All

    When dealing with payday loan companies you start to find that the glossy facade of the website that you probably applied for your loan through is actually a murky front end to a convoluted financial enterprise that is typically not based in the UK.

    This world was investigated by the competition commission a while ago so thought I would share the results to help understand exactly who it is you are dealing with if you have a loan with any of the companies investigated.

    Its quite interesting (and shocking) reading when you realize how far removed these people are from UK legislation......

    Best
    SnV
    Attached Files
    "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

    The consumer is that sleeping giant.!!


    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.
    Tags: commission, companies, competition, data, financial, funding, help, legislation, lending, loan, loans, money, money shop, moneyshop, payday, payday express, payday loan, payday uk, people, profits, reading, results, share, trace, website, world
  • #2
    Re: Payday Loan Companies - Competition Commission Study

    You mean it's not really sweet little old ladies eager to help you out with money and a Werther's Original? I'm devastated!

    What a murky, despicable business it is. In the light of that publication who knows what the profits are ultimately funding!

    Comment

    • #3
      Re: Payday Loan Companies - Competition Commission Study

      Originally posted by Undercover Elsa View Post
      You mean it's not really sweet little old ladies eager to help you out with money and a Werther's Original? I'm devastated!

      What a murky, despicable business it is. In the light of that publication who knows what the profits are ultimately funding!
      Not only is it murky but its also deceptive. If you took out loans with Payday Express, The Money Shop and Payday UK you can trace them all back to one parent company in the US. Not only should this raise question about responsible lending, but also confidentiality of data.
      "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

      The consumer is that sleeping giant.!!


      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

      Comment

      • #4
        Re: Payday Loan Companies - Competition Commission Study

        Originally posted by SaltnVinegar View Post
        Not only is it murky but its also deceptive. If you took out loans with Payday Express, The Money Shop and Payday UK you can trace them all back to one parent company in the US. Not only should this raise question about responsible lending, but also confidentiality of data.
        I took out loans with both PaydayUK and the Moneyshop,(cheque cashing for years) had no idea they were one parent company.

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