Good news, payday lenders are out of fashion. The bane of gamblers and people who cannot manage their bank balance are going in the red. Legal loan shark firm Wonga have shown a £35 million loss. It has meant over 300 job losses, but, in the end this is good news because people who for whatever reason use this service need to be protected from themselves.
Apparently the tough new regulations will mean a number of these leeching firms will close because they do not want to deal with lower profits from exploiting the weak willed. Good!
Although it maybe anti-capitalist to say this but the APR of any firm should not be greater than 100% . Having firms with APR of 3,000% or more should be illegal as well as morally wrong.
If there is one thing anyone having one these deeply evil loans, try to bring them down by going insolvent if they are making your life difficult. They have had enough of you now you should bite back.