Is this the end of payday lenders?

[singular_me]

the payday loan industry has bilked all that was possible to bilk...so now it can only destroy itself... just like central banking in due time
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Is this the end of payday lenders? Experts predict downfall after Wonga plunges £35million into the red over past year after writing off thousands of loans
Tuesday 21st April 2015

Payday loan companies which charge interest rates of thousands of per cent a year could be about to go out of business, according to industry experts.

The announcement came after it was revealed Wonga, the largest payday lender, saw its finances drop £35million into the red after being forced to write off hundreds of thousands of loans.

Tougher regulations, and a cap on the amount of interest the firms can charge per day, means that Wonga’s disastrous result is likely to be mirrored across the industry later this year.’

http://www.dailymail.co.uk/news/article-3046533/Is-end-payday-lenders-Experts-predict-downfall-Wonga-plunges-35m-red-past-year-writing-thousands-loans.html

[Cebu_4_2]

Preying on the poor is bad business.

[Horn]

the payday loan industry has bilked all that was possible to bilk..

Look who's bilking now! lol bilked.

I think their customer base either evaporated or died, literally.

[Glass]

so there are no christians in the uk now? Only Muslims are objecting to usury? The Arch Bishop is on the government banking committee? Doesn't have a bible then? Never read it maybe? threatens to get into pay day lending himself.

[Ponce]

To me they are just like a bank......they should be regulated as to how much interest they can charge, it would better for them and for their customers.

V

[Ponce]

To me they are just like a bank......they should be regulated as to how much interest they can charge, it would better for them and for their customers.

V

[Twisted Titan]

they are the bank. I would submit that they are probably a small subsidiary of a larger corporate shell that we know nothing about but it eventually filters all the way back to the top

[Norweger]

so there are no christians in the uk now? Only Muslims are objecting to usury? The Arch Bishop is on the government banking committee? Doesn't have a bible then? Never read it maybe? threatens to get into pay day lending himself.

So called Christians have no other concern than to obey Jews. Norwegians who read the bible in the Jewish way even made an article a while back where they celebrated that Norway in the early days of it's independence had to borrow money from jewish high-finance. Point out that this goes against the teachings of Isa Ibn Maryam (pbuh) and they go in full attack mode. It's amazing how dumb they are.

The article was angled how they "saved" us from doom.

Christianity is dead.

[7th trump]

So called Christians have no other concern than to obey Jews. Norwegians who read the bible in the Jewish way even made an article a while back where they celebrated that Norway in the early days of it's independence had to borrow money from jewish high-finance. Point out that this goes against the teachings of Isa Ibn Maryam (pbuh) and they go in full attack mode. It's amazing how dumb they are.

The article was angled how they "saved" us from doom.

Seriously?
Muslims arent targeted like caucasians are.
The fake chosen cant assimulate in a society of arabs like they have been in caucasian societies and do what they have been doing for centuries.
What I'm telling you is the Bible is true. Arabs and their religion is a false religion.

You must be jealous of the caucasian people. God doesnt favor you muslims....and we both know it.
The Christian caucasians is what made the world what it is today....they're blessed with Gods gift of innovation.
Muslims and the arabs.....not so....not even the fake jews who've used their skin color to hide in plain sight.

[Uncle Salty]

Loan sharks can't stay in business if they can't break legs.

[osoab]

Loan sharks can't stay in business if they can't break legs.

That's why payday loans got a niche. They don't break legs in a physical sense. Though, they would tell you to sell a leg to pay them back.

[Cebu_4_2]

That's why payday loans got a niche. They don't break legs in a physical sense. Though, they would tell you to sell a leg to pay them back.

In some states they will go to debtors prison, in other cases not be able to renew their drivers license. If they are using payday lenders their credit don't mean shit.

[singular_me]

there could be an upside here: it will help awake some to the immorality of usury
---------------------------------

Wonga chief admits brand might now be so toxic it has to change its name after company crashes to £37million loss
Wednesday 22nd April 2015
New cap on payday loan interest rates is set to damage company further


‘Controversial payday lender Wonga could change its name in a desperate attempt to regain credibility after a string of scandals caused the firm to lose £37.3million.

The firm has been hit by new rules on payday lending, as well as being forced to pay compensation to customers who were sent fake legal letters.

Wonga’s revenues fell by nearly £100million last year to a total of £217.2million, it was announced today – months after the company wrote off the debts of 300,000 customers.’

http://www.dailymail.co.uk/news/article-3048420/Payday-lender-Wonga-crashes-37million-LOSS-writing-thousands-loans.html

[Camp Bassfish]

Look who's bilking now! lol bilked.

I think their customer base either evaporated or died, literally.

nah...... they're all finally on EBT. Gotta have a job, to have a payday. I don't believe these loan companies are allowed to lend against government handouts?

[singular_me]

same happens in developing countries
30% interests if huge when one works for so little money
-----------------------------

India's micro-finance suicide epidemic
http://www.bbc.com/news/world-south-asia-11997571


Micro-lending scandal exposed - 16 April 2013
The easiest way is micro-lending -- unsecured loans paid back at exorbitant interest rates of around 30 percent over a period of six months. The minute the consumer defaults, loan sharks slap on a court order, instructing an employer to deduct the money owed before the salary is paid.
http://www.enca.com/south-africa/micro-loan-macro-scandel


https://www.youtube.com/watch?v=sKEQlKpHEx4