The move is a major win for the payday lending
industry, which argued the government's regulations could kill off a large chunk of its business.
A payday lending
firm are enticing borrowers to rack up Christmas debts with the promise of entry into a draw to win an iPhone.
The payday lending
business model that grew rapidly in the UK following the global financial crisis, with relatively high-cost short-term unsecured loans, appears to be no longer viable following a regulatory clampdown on lending standards and a spate of compensation claims from customers.
Sara Williams, of money advice website Debt Camel, said: "The Money Shop and Wonga were once icons of the payday lending
firm Wonga could call in administrators this week as the firm buckle under a deluge of customer compensation claims.
firm Wonga could call in administrators this week as it buckles under a flood of customer compensation claims, it was reported last night.
The frontbencher unveils plans, welcomed by Hollywood star Michael Sheen, to ease the pain of hard-up people mired in short-term debt by extending a payday lending
cap to also cover overdraft borrowing costs.
It will look to end predatory payday lending
practices and offer low-income customers access to basic banking services.
As CFPB Acting Director Mick Mulvaney prepares to speak at CUNA's Governmental Affairs Conference this week, the director's battle with Senate Democrats has escalated, as Mulvaney last week blasted Sen, Elizabeth Warren (D-Mass.) for questioning his motives in reconsidering payday lending
Mulvaney has received (https://www.followthemoney.org/show-me?c-t-eid=6670008&d-cci=148#[%7B1%7Cgro=y) $57,100 in campaign contributions from the payday lending
industry over the course of his political career, according to the National Institute on Money in State Politics.
(15) And when other states failed to enact substantial legislation to reform payday lending
, municipalities around the nation stepped up to enact ordinances of their own that limit expansion of these lenders into their borders.