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Wonga’s collapse and what this means when it comes to social those who depend on payday advances

Wonga’s collapse and what this means when it comes to social those who depend on payday advances

Analysis Fellow, Coventry University

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Lindsey Appleyard gets funding from RCUK, Barrow Cadbury Trust, Carnegie British Trust therefore the cash information provider

Coventry University provides money as being user associated with the Conversation British.

The discussion UK gets funding from all of these organisations

Wonga, the poster-boy associated with british lending that is payday, went into management following an influx of client payment claims. Its demise is because federal government legislation to reform the loans that are payday in preference of the customer.

A cost limit which was introduced because of the Financial Conduct Authority (FCA) regulator in 2015 on high-cost, short-term credit implies that Wonga as well as other payday loan providers’ reputation for reckless financing is getting up using them.