Death of Quickquid: Does the Financial Services Sector Need More P2P Loan Options?

QuickQuid, the largest payday lender in the UK, has revealed its closure. American homeowners Enova said regulatory uncertainty was the main reason for their decision. While the UK payday loan market has benefited the most vulnerable consumers for far too long, a question mark hangs over the UK credit industry.

FairMoney.com revealed that 10.5 million Britons were in the worst financial situation in their history, with 53% of them reporting having a weekly disposable income of less than £ 0. With the continuing failures of the peer-to-peer market and the long-awaited closure of payday lenders in the UK, the British need access to fair financing. Companies such as FairMoney.com provide valuable customer services by providing comparisons for various loan sizes, with the highest interest rates for accommodations.

Dr. Roger Gewolb, executive chairman and founder of FairMoney.com, commented on the closure of QuickQuid and provides financial advice to the 10.5 million Britons experiencing their worst financial situation: New lending industries between 10-year-old individuals are essential for consumers, especially for this segment of the population that can not easily obtain credit.

"The legislation finally contained the abuse and exploitation of the payday lending industry in January 2015, in part through the efforts of FairMoney.com and the Campaign for Fair Finance; current rates and conditions of lenders are now more equitable, although this has resulted in the bankruptcy of some 70% of the industry.

"In the same way, we want the P2P lending industry to survive and thrive and we have more of those terrible, dramatic and dramatic failures, for those who can not easily get the job done. money from banks and also to investors / depositors. with additional liquidity that can obtain a higher interest rate than that offered by the banks, as originally planned. I would not be surprised if a major P2P platform collapsed before Christmas, highlighting the risks that investors and consumers could run. Appropriate regulation and supervision of the Bank of England will no longer guarantee failures and will allow the sector to be properly realigned, without large quantities disappearing as with payday. "

You can read the original article here: https://alongtheboards.com/2019/10/28/death-of-quickquid-does-the-financial-services-sector-need-more-p2p-loan-options/