Brighton, UK -- (SBWIRE) -- 05/22/2015 -- It seems the once hated payday lender has become even more embittered following the sweeping changes made by the Financial Conduct Authority (FCA) in January. To what some viewed as an exploitative industry.
These changes saw the rate of interest consumers could be charged capped at 0.8% per day and affordability criteria worked into the application process for all borrowers of these high interest loans.
Following the announcements by the FCA, perhaps the most well known lending firm, Wonga , posted losses this month for last year of £37.3 million. This following a series of highly publicised in discretionary operational practices uncovered by the watchdog.
James Lewis, from payday loans website Cushtee Cash, explains what his firm thinks of the latest fortunes within the industry;
"Wonga are obviously a big player in this market and I feel will remain that way. The changes introduced are undoubtedly a good thing for consumers and I believe we are also seeing a change in the industry for the better."
"Whether or not that means more payday lenders going out of business because of new rules….I am not too sure. At the moment it is a wait and see game for all involved."
Some media reports have claimed that only a handful of lenders will remain after the sweeping changes truly take effect. This from a pool of payday loan lenders of close to four hundred.
"The media do like to blow things out of all proportion and my honest opinion is that there is still a market for these loans. Certain people just can't get credit from anywhere else." Lewis said.
About Cushtee Cash
Cushtee Cash are a payday loan broker specializing in matching customers' details with a short term loan that best fit their needs.
4 Buckingham Road,
0871 919 0141