hi tawny

from yr beeb link there "So we're proposing to put a levy on them that can be used to fund the expansion of credit unions, who need more capital to be able to lend, and also debt and money advice services to help people with their finances, because we are struggling with the cost of living in this country."

as you say, the cuts in funding..

Hi Ford and anyone else around.

Some are saying that the Loan Sharks are on the increase because of less people being able now to get loans from the Payday Lenders.

The article did not mention the cost of living issues many seem to be facing.Perhaps for some they are that desperate or do not understand things or vulnerable, more potential victims.

And Banks it seems are unwilling to help really.It seems that way anyway.

Still coining it in i feel from the poor with Bank Charges and the rest.

Probably make more from that than any short term loan interest could pay.The kind of loans that would help people out in a tight short term situation.

Banks for millions of people clearly have a lack of focus on customers' needs.

Locally and nationally.

A time for a Bank Transfer Day is coming i hope.

Many shifting to the Credit Unions as they carry on modernising.

And hopefully one day the Credit Unions will get the IT platform to link up with the Post Office then we may see some fun.

So although no concrete proof,for the first time i am concerned. 300,000 possible families borrowing from loan sharks.

So if you read this next article some debt charities are feeling problems are increasing.

Loan shark suspects arrested in dawn raids as police crack down on illegal lending

The operation, led by the Illegal Money Lending Team, saw six men and a woman held from addresses in London, Greater Manchester and Essex

http://www.mirror.co.uk/news/uk-news/loan-shark-suspects-arrested-dawn-7002231

There are warnings all over the web in all areas about Loan Sharks on the run up to Christmas.

If in trouble with debt or money troubles,rent anything get help.Do not go near the Loan Sharks..

BCAP Payday Loans

Consultation

Consultation on the introduction of scheduling restrictions for television

advertising of high-cost short-term credit-

Just closed now-what will be decided.

https://www.cap.org.uk/News-reports/Consultations/Open-consultations/~/media/Files/CAP/Consultations/Payday%20loans%20consultation%202015/BCAP%20Payday%20loans%20consultation%20October%202015.ashx

Nice to hear that Credit Unions this Christmas have taken some business away from the Payday Lenders.

London and Glasgow reporting many more borrowing from them.

Hopefully if a need to borrow the same is happening across Great Britain.

A touch more on the massive growth in a Credit Union.

Lending and membership grows at London Capital

http://www.abcul.coop/media-and-research/news/view/636

Britain’s credit union movement has reached another milestone of 1.1 million adult members.

Christmas borrowers ditch payday lenders for credit unions

http://www.mirror.co.uk/money/christmas-borrowers-ditch-payday-lenders-7017616

Quick look at America where the CFPB similar to our FCA is going about things the right way but meeting plenty of opposition from the powerful ones who want to keep people on the cycle of debt.

If you are interested take a look around America and be prepared to be shocked.

3 Things the CFPB wants payday lenders to stop doing:

http://instabill.com/3-goals-cfpbs-payday-lending-regulations/?nabe=6703004676784128:2 …

Payday lenders face "Wonga tax" to pay for fight against loan sharks

Going to keep a eye on this as things develop.

http://www.mirror.co.uk/news/uk-news/payday-lenders-face-wonga-tax-6981683

I suppose now all you people out there are celebrating the news that unemployment has fallen you are all feeling excited and looking forward to spending all your hard earned dosh.Or do you feel perhaps you can feel no difference in your areas.

This article just slipped in.Back in May but interesting.

Have i missed the recovery in the Northern Powerhouse.

I know i am getting on a bit and have been through 3 or 4 recessions but life for many is,well you tell me.

Perhaps i am missing something,memory going or what i am seeing, maybe my eyes are failing.I will go to Specsavers.

No to the Pound Shop for glasses i feel.

Mass Workfare, Mass Sanctioning, Food Banks and Pay Day Loans: Welcome to the Recovery

http://www.huffingtonpost.co.uk/christian-garland-/uk-economy_b_7221720.html

Or maybe as the sun has decided to do one everything just looks bleak out there.It is winter after all.

Other words i nearly used but refrained.

Thank goodness for those Southerly winds coming from Africa at the moment.

Otherwise it would be lights and gas out time and candles lit.

Many are in fuel poverty out there in booming Britain.

Look after yourselves out there wherever you are.Keep your eyes on your elderly neighbours this time of year.They need you.You know what they are like.Many are to proud to ask for help.

Last thing today on Loan Sharks.

'Mike' borrowed from a loan shark and repaid a staggering £90,000. After contacting the Illegal Money Lending Team, the loan shark was brought to justice. If you believe you, or someone you know has borrowed from an illegal money lender please call the team in confidence on 0300 555 2222

Stop Loan Sharks Project

https://www.facebook.com/StopLoanSharksProject/info/?tab=page_info

Stop Loan Sharks

https://twitter.com/loansharknews

a bit late, but maybe still be aware re christmas/holiday loans:

'Consumers struggling to cover the cost of Christmas are being warned to be careful if they take out a loan. The City watchdog has published a list of 15 companies offering so-called Christmas loans, which are types of short-term or pay-day borrowing. But none of the businesses on the list are authorised to offer loans and some are knowingly running Christmas loans [problem]s....'

The firms offering these loans without the FCA's permission are listed here:

- Unemployed Easy Loans

- Lenders Club

- Christmas Loans

- Mistletoe Loans

- Affordable Payday Loans

- Fast Christmas Loans

- Need Xmas Loans

- Loan Point

- Christmas Loans

- Online 12 month Loans

- Just Jingle

- Christmas Loans Now

- 5 minute loans

- 3 Month Loans

- 12 Month Loans

http://www.thisismoney.co.uk/money/cardsloans/article-3371166/Beware-Christmas-loan-sharks-City-watchdog-publishes-list-firms-offering-deals-types-short-term-pay-day-borrowing.html

'Payday lender Cash Genie has entered solvent liquidation six months after being forced by the City watchdog to compensate 92,000 customers to the tune of £20million...Liquidator RSM says there is enough capital left in the business to redress all affected customers. Those who have recently received cheques can still cash them in..'

http://www.thisismoney.co.uk/money/cardsloans/article-3387129/Payday-lender-Cash-Genie-goes-solvent-liquidation-months-ordered-20m-compensate-customers.html

http://www.thisismoney.co.uk/money/cardsloans/article-3387129/Payday-lender-Cash-Genie-goes-solvent-liquidation-months-ordered-20m-compensate-customers.html

From across the pond

'The Federal Trade Commission today announced that Red Cedar Services Inc. and SFS Inc. — operating as 500 Fast Cash and One Click Cash — would each pay $2.2 million and waive a total $68 million in customer fees to settle a years-long investigation into the operation...'

http://consumerist.com/2016/01/05/two-payday-lenders-agree-to-pay-4-4m-in-fines-release-borrowers-from-68m-in-loans-fees/

'Wonga has become the payday lending industry's first major participant to receive a crucial licence from the City watchdog, paving the way for it to rebuild its business after two years of reputational disasters. Sky News can reveal that Wonga was on Monday granted full authorisation by the Financial Conduct Authority (FCA), just weeks before an interim permission to operate was due to expire. The granting of a licence comes as Wonga, the UK's biggest payday lender, seeks to diversify its business away from the short-term lending model that made it a lightning rod for political and public anger over the sector's rapid growth........'

http://news.sky.com/story/1625394/wonga-secures-crucial-city-watchdog-licence

further to earlier posts re a proposed levy to fund a watchdog

'The Bank of England and Financial Services Bill will be amended to give the City Watchdog powers to impose the levy. It will consult on which consumer credit companies will be hit by the levy, but it is likely to include payday lenders and credit card companies.The revenue raised will be used to fund the work of illegal money lending enforcement teams across the UK from 2017/18. The teams are currently funded by the government which in 2015-16 paid £3.6m towards running the enforcement operation. Last year its work resulted in 108 arrests and charges against 43 people...'

http://www.independent.co.uk/money/lenders-to-help-pay-for-battle-against-illegal-loan-sharks-a6847076.html

also

'Police are warning people to be vigilant........Facebook users are being targeted in new [problem] where payday loans are taken out in their name...Fans of the social network have reportedly had their accounts hacked with cyber criminals then using their timelines to post bogus messages....'

http://www.dailystar.co.uk/tech/news/490962/Facebook-[problem]-police-warning-payday-loans

and news

A gang of fraudsters who carried out a £3m internet [problem] which secured payday loans from Wonga using the identities of thousands of innocent members of the public has been jailed for six years. 'Gang members from across west London were led by Kelvin Okusanya, 32, in exploiting the company's faulty website algorithms to make more than 19,000 applications using the same password 'Bengali90'. The cash was then laundered through hundreds of bank accounts by the fraudsters while the unsuspecting victims were left facing paying the 1% a day interest payments....'

http://www.getwestlondon.co.uk/news/west-london-news/gang-members-used-innocent-victims-10818114

http://www.consumeractiongroup.co.uk/forum/showthread.php?460175-Payday-loan-refunds-yet-to-be-given-to-customers

Link to new thread - in respect of a post made by Ford earlier on today and moved to its own thread

The following information provided by Ford. The link corrupts because of a banned word - if you pop the highlighted section in browser, you will still find the story

Racing driver Scott Tucker arrested over multimillion dollar payday loan

across the pond, sports stars taking advantage...

 

Professional racecar driver Scott Tucker was arrested on Wednesday on criminal charges accusing him of living the high life on the backs of millions of people who used his payday lending operation.

 

An indictment unsealed in Manhattan federal court charged him with conspiracy, collection of unlawful debts and understatement of interest rates to consumers who found themselves deep in debt after sometimes paying Tucker and his companies 700% interest or more for their loans.

 

Interesting posts from across the pond.

Terrible how Americans have clearly been and still are being taken advantage off.

And by whom.Powerful people with powerful connections.

Many posts back in this thread showing how they get taken in by the legal loan sharks.In America.

The CFPB similar to our FCA are soon to complete new rules for the industry.Despite opposition as you would expect.

The link that has some interesting thoughts such as.

Richard Cordray, director of the watchdog agency, said it is discussing ways to make it easier for banks and credit unions to offer “small-dollar” loans. The step could put the agency on a collision course with banking regulators, who have discouraged traditional banks from offering such loans.

Should and could Banks and Credit Unions make it easier for people here to access small pound loans.

Surely this would create better relations with the Banks if this could be achieved.

Perhaps as we have said before link the Credit Unions to the Post Office even. The Postmaster authorising small loans with a modern IT platform linking things up fast.

Wishful thinking perhaps.

The Treasury Department is also pushing an alternative to payday lending. Its budget for fiscal 2017, unveiled Tuesday, includes funds to help community development financial institutions extend small-dollar loans. The budget sets aside at least $10 million to provide technical assistance and to cover potential loan losses incurred by these lenders, which fund development projects in financially struggling communities.

Regulators and industry officials recognize that many consumers need short-term loans for emergencies. According to a recent survey by Bankrate.com, only 37% of adults in the U.S. have the necessary savings to cover a $500 car repair or a $1,000 emergency room bill.

Clearly a massive market out there in America and Great Britain if the will is there from Banks.Small loans for local people in every community.

Wishful thinking.Or a possibility.

Nick Bourke, who has studied the payday industry at Pew Charitable Trusts, said such loans can be profitable for banks and credit unions. “They already own the customer relationship. They are much more efficient businesses with diverse product lines and lower costs of funds” than payday lenders, he said.

Let us not forget the Post Office who are close to everyone .Could if wise ones got involved be up and running in no time.

Increasing footfall once again in towns and cities.

Wishful thinking.Local people borrow money to be spent locally.

Dreaming perhaps,who knows what could be done if the will is there.

There clearly is a need.

How much do the Banks still make on default charges and other charges for low income earners.

Seems like there is a need out there for change.

Regulators and industry officials recognize that many consumers need short-term loans for emergencies. According to a recent survey by Bankrate.com, only 37% of adults in the U.S. have the necessary savings to cover a $500 car repair

Must be similar here or why does the Payday Loan industry survive.

Better put the Link on.Although by now you would have thought America would have sorted this years ago.Predators circling the poor and underbanked over there.

http://consumerbankers.com/cba-media-center/cba-news/cfpb-plans-complete-new-payday-loan-rules-soon

Well been away for a while and catching up on all the news so a little rusty.

Nice posts and thoughts from you all ,Ford and CitizenB keep them coming as things are still evolving.

Still needs change.Made much fairer for people.

And can you believe many have not had refunds yet from the lenders when ordered to.And the [problem]s.Targeted by predators from many shores.

No excuse.Pay them back now.You grabbed it quick enough.

Bye for now

Tawnyowl.

How much do the Banks still make on default charges and other charges for low income earners.

Seems like there is a need out there for change.

There are 9 (I think) banks that are now offering basic accounts where no fees are made and it will not be possible to go over limit, so no charges will be made, TO.

BTW, good to see you back

I did not know there were so many Banks doing Basic Bank Accounts.Everyone when in difficulty in my day used to open the CO-OP basic account.

Parachuted straight in there when things went pear shaped.

How times have changed.But better to have a basic account than none at all.I have one.

Still manage my E Bay account.

Amazed how many Americans do not have a bank account.

Last time i looked about 10 million or 8%,may have changed now.

So use prepaid cards, payday loans, pawnshops and check-cashing services.

Just had a quick look and it seems 3 million adults do not have a bank account here.

How do they manage.The same do you think.

Potential market for some financial institution to grab if true.

http://www.consumeractiongroup.co.uk/forum/showthread.php?458558-Nine-UK-banks-launch-fee-free-accounts

Here you go, TO

Just had a quick look and it seems 3 million adults do not have a bank account here.

 

Interesting question - It does make you wonder how they manage their finances without one - perhaps they are paid in cash - if they are on benefits, I think there is a post office card that benefits are paid into. How do they shop online? Even if you have a PayPal account, you have to have a linked credit/debit or bank account don't you ?

Interesting question - It does make you wonder how they manage their finances without one - perhaps they are paid in cash - if they are on benefits, I think there is a post office card that benefits are paid into. How do they shop online? Even if you have a PayPal account, you have to have a linked credit/debit or bank account don't you ?

CitB - The American Market has driven heavily towards Prepaid Cards these days. But a lot of people still get paid in cash.

But it does make you wonder how they can manage in a more technically developing society.

Just a quick post.

Anyone who reads this thread will know i sometimes look across the Atlantic to America.

One hell of a market to focus on.So many states.

So concentrated on one area.

A area called Sioux Falls South Dakota which was going through one hell of a time.

Trickery and much more from the Legal Loan Sharks.

There were some locals despite tremendous opposition would not give up the battle with the sharks no matter what.

Latest news from there.

Payday lending bill killed in the House

The House of Representatives on a 21-47 vote killed a bill that would insulate the payday lending industry against mandatory interest rate caps.

http://www.argusleader.com/story/news/politics/2016/02/24/payday-lending-bill-killed-house/80847782/

And a article with the recording.

http://listen.sdpb.org/post/payday-loan-bill-dies-house#stream/0

I understand not everyone is interested in what is happening in America but i find it very interesting so include a few articles at times.

Here in Britain.

I have read that some people are taking out payday loans for funerals.

I know we do not like talking about such times but makes me wonder if with the price now of funerals there is a big problem out there affording them.

I suppose people do not like talking about this kind of problem

Number of credit card and pay-day loan funerals on the rise

http://www.plymouthherald.co.uk/Number-credit-card-pay-day-loan-funerals-rise/story-28790112-detail/story.html

And.

Dollar Financial UK, which owns The Money Shop, said that only 25% of the refunds agreed with the regulator in October had been paid back.

The remaining payout to people who were given loans they could not afford, which totals more than £7m, will not be completed until the end of June.

However, Dollar UK will still be spending the first half of the year paying millions of pounds to customers who suffered from poor affordability checks on loans taken out in the year to April 2015, as well as the collection of repayments on loans taken out between January 2013 and the end of April 2015.

Seems a long time to wait.But perhaps better late than never come to mind.

And some nice people trying to stop people going to payday lenders for loans for food.

Archway food bank out to ‘beat payday loan sharks’ by opening up a foodbank.In Islington London.

Asked why they chose Archway, Bryony, of Maida Vale, said: “We all have ties to north London and we noticed a gap in food bank services. People from Archway didn’t have quick access to a food bank. They currently have to travel quite a distance to Islington Foodbank [in Ronalds Road, Highbury].”

More on the Link.

http://www.islingtongazette.co.uk/news/archway_food_bank_out_to_beat_payday_loan_sharks_1_4429867

It is quite shocking that people have to resort to borrowing to pay for the funeral of a loved one. Although I think there are some benefits available from state funds.

I guess those who are struggling day to day, tend not to consider they might need to put something away for end of life costs.

As for America - yes I am interested in what happens over there, because it usually ends up over here !

 

Hildebrand said the South Dakota residents and a majority of their legislators have indicated that they don't want the industry to continue in the state without restrictions. He and other opponents including religious groups, social workers and the AARP said the measure takes the decision out of the hands of voters and could help facilitate predatory lending practices.

 

The bill's supporters including industry lobbyists, store owners and free market advocates said the bill would help payday lending facilities keep their doors open in the state and would keep the short-term loan option open for South Dakota residents.

 

Brett Koenecke, lobbyist for payday loan companies Advance America and Check into Cash, told the House State Affairs Committee that the bill is intended to protect the industry against the caps. He said voters have already supported a constitutional amendment that would cap interest rates in South Dakota at 18 percent annually but allow higher ones if the borrower agrees to them.

This statement is quite mind boggling - why would any borrower agree to higher interest rates ?

Brett Koenecke, lobbyist for payday loanicon companies Advance America and Check into Cash, told the House State Affairs Committee that the bill is intended to protect the industry against the caps. He said voters have already supported a constitutional amendmenticon that would cap interest rates in South Dakota at 18 percent annually but allow higher ones if the borrower agrees to them.

I will give you a loan if you agree to higher rates on the loan borrower.I know you are in need of one.Sign here.

Or maybe the loan may not be available today.

It makes you sick.The thought of it.

One woman in one place was spat on and her protest placards ripped away when protesting by paid thugs.

Now Steve Hildebrand has a coffee shop over there.In Sioux Falls. A shark biter.

Going back to last year when much trickery was going on.Can you believe it.

With Video

Business owner says paid protesters are harassing his customers-much more was happening as well.With the petition.And other antics.

http://www.ksfy.com/home/headlines/Sioux-Falls-business-owner-says-paid-professional-protesters-are-harassing-his-customers-318916181.html

What does anyone think of this idea.

Should you be Squirrelling away your money?

How good are you at managing your money?

Britain’s £2 billion payday loan industry, and the 8m of these loans taken out every year, would indicate that the answer for many Brits is probably… not great.

http://www.thememo.com/2016/02/15/mutaz-qubbaj-squirrel-money/

After reading that you probably want to know how much it costs.

https://squirrel.me/pricing

Payday lenders hit by changing views, Church says

A "sea change in public and political opinion" about payday lenders has brought falls in use of these loans, a Church taskforce has concluded.

The report highlighted that payday lending had fallen by 68% from 2013.

Since 2013 the membership of credit unions had grown by 13%, with 123,000 new members in Britain.

http://www.bbc.co.uk/news/business-35530882

Just going back to the funeral problems again.

A figure has been mentioned and pretty shocking.

In fact i may do a little research as a problem seems to be building.And post it somewhere.See what is going on,the latest info.I know there are threads related.

Anyway here is the article.

£576m in payday loans to pay for funerals:jaw:

2.7 million have had to borrow to pay for a funeral. How would you cope?

http://money.aol.co.uk/2016/02/26/576m-in-payday-loans-to-pay-for-funerals/

On 2 occasions I was faced with having to pay unexpected funeral costs - 1972 and 1974. The first occasion I was able to take a loan from my work place - paid back via deductions from salary. The 2nd had to be borrowed from my parents.

From that point onward realising that it wasn't only the elderly who died - I started to keep an "emergency - JIC" fund. Both my parents had plans with the Co-op and both hubby and me now have insurance cover for this.

The younger you are when you enter into one of the above plans, the cheaper it will be and the funds will be available at the time. As the article rightly points out - relying on the estate to pay for these costs is not a good idea - it could take ages before bank accounts release funds or probate is complete.

For those who have elderly parents - they might want to consider finding out if they have made provision - if not, then start considering how you might be able to pay for this when the inevitable happens. Even a few pounds a month into a credit union might help. If more funds are available then a Funeral Plan with whomever will be dealing with the funeral arrangements.

It isn't necessary to spend huge amounts -

 

Funeral directors, notoriously reticent about explaining their costs or pricing structure, are one the few industries to remain untouched by the internet's price comparison revolution. That could finally be about to change.

 

A small but growing number of businesses are laying out low-cost, no-frills funeral options online, catering to a growing number of customers who want affordable alternatives.

 

Some hard-pressed families are driven to the budget option by constrained finances, while others see it as a chance to plan a simple affair in advance, one which doesn't burden their family with a huge bill.

 

"The way funerals have been done in this country is crap," says Charles Cowling, who runs the Good Funeral Guide blog. "It's no wonder more people are taking permission to do things differently. You can have a loved one cremated for less than £1,000. Then, later, have a very low-cost memorial with the ashes and make it a creative, DIY event. In many ways it's more satisfying than the big, black-tie traditional funeral."

 

http://www.theguardian.com/money/2014/jun/28/funeral-die-low-cost-options

 

https://www.moneyadviceservice.org.uk/en/articles/how-much-does-a-funeral-cost

across the other pond (but related), CashConverters Int experiences a 'boom' in online payday loans in Aussie. but is scaling down its ops in UK ;

'The company, which is known for its bright yellow pawn shops, hopes to cash in on the growing number of Australians turning to the internet for fast cash. It plans to expand its store network in Australia while retreating from Britain, and invest more in the fast-growing online lending market....'

http://www.smh.com.au/business/consumer-affairs/cash-converters-cashes-in-on-online-payday-loans-20160229-gn6esx.html

'The lender and second-hand goods retailer says it will go back to basics in Britain and return to its original role as a master franchisor there. It is currently negotiating to sell its corporate stores to franchisees within its network and will also divest its UK personal loan book...That (earlier) restructure (following losses) was sparked by legislative changes in Britain forcing lenders to make sure customers could afford to repay loans before they signed up. Price caps were also introduced, along with bans on loans being rolled over monthly. As a result, Cash Converters reported a drop in personal and cash advance loans in Britain....'

https://www.businessnews.com.au/article/Cashies-to-reduce-UK-operations

Hi Ford.

Understandable move.Target market is there,and building nicely.

Australia.

During the five years to 2015, the total number of households using payday lending services increased by nearly 55 per cent from 416,102 to 643,087, DFA found.

That was driven by a nearly 1200 per cent increase in loans to financially stressed households, from 20,805 in 2010 to 266,881 in 2015. At the same time, the number of households classified as financially distressed using payday loans fell by five per cent, but still made up 59 per cent of payday borrowers.

The number of borrowers taking out more than one payday loan in the preceding 12 months has more than doubled from 17.2 per cent in 2005 to 38.0 per cent in 2015, and one in five borrowers were in arrears or default on a payday loan.

Payday loan mountain to top $1 billion as irresponsible lending skyrockets

An explosion in short-term loans to Australians in financial distress, with the industry now on track to pass $1 billion for the first time in 2018.

http://www.news.com.au/finance/money/costs/payday-loan-mountain-to-top-1-billion-as-irresponsible-lending-skyrockets/news-story/e875ffc54b981d25df6fd3b779708824

ASIC’s Crackdown on the Payday Loan Industry

The rumbles started in February. The Australian Security and Investment Commission (ASIC)’s landmark case and subsequent win against The Cash Store saw a much-denied but recognisable change in what is one of Australia’s fastest growing financial sectors — payday lending.

The case against the Cash Store, whose leases were acquired by Money3 in 2013, found that the short-term lender engaged in unconscionable conduct by selling what was deemed to be useless insurance to borrowers. Loan protection insurance was being sold to unemployed borrowers to protect them in case they lost their job, and other issues of this nature.

http://www.finder.com.au/asics-payday-crackdown

Wonder what is the latest in South Africa and Canada.Time to have a peek.

And America and see how the CFPB are doing over there.

Putting safety goggles and protection on.

hi

re the aussie CashCons; looks like they are now looking to introduce 'reloadable' payday debit cards! hopefully that idea doesnt end up here.

http://www.smh.com.au/business/cash-converters-turns-to-debit-cards-for-payday-loans-20160229-gn6zei.html

 

Cash Converters, Australia's biggest payday lender, may need to change its name.

 

The infamous yellow pawn shop also known as "Cashies'' is preparing to issue all of its cash advance loans electronically, in the form of prepaid debit cards that can be used at ATMs.

 

The switch may seem technical but it has sparked concern among financial counsellors and consumer advocates, who say it is designed to trap more users into high-interest loans.

 

The ASX-listed company on Thursday reported a $15.9 million profit for the first half of the financial year, helped by a rise in the number of payday loans issued online.

Advertisement

 

It also announced plans to expand its store network in Australia while retreating from Britain, and invest more in the fast-growing online lending market.

 

Read more: http://www.smh.com.au/business/cash-converters-turns-to-debit-cards-for-payday-loans-20160229-gn6zei.html#ixzz428woVcfv

 

 

Well I am pleased to hear that they are "retreating" from the the UK.