QuickQuid has been the biggest payday lender in the UK for the past few years. It was bigger than household name Wonga even before the latter folded in August last year. The Money Shop closed earlier this year.
‚Sometimes you don’t have any other choice‘
Kenneth Barker took out 11 consecutive loans in less than a year when he was a barman in Essex in 2012.
„The initial one was for ВЈ100. I paid back ВЈ160, but then needed a ВЈ150 loan to tide me over for the next month. It gradually worsened,“ said the 28-year-old, who now lives in Leeds.
He submitted a complaint nine months ago, claiming he was given unaffordable loans, and was offered ВЈ50 in compensation by the company.
He said: „I then went to the financial ombudsman. That was accepted and I was offered ВЈ2,000. I was told I’d get it within 28 days. I’m hoping I will still get that money!
Tighter rules
QuickQuid is one of the brand names of CashEuroNet UK, which also runs On Stride – a provider of longer-term, larger loans and previously known as Pounds to Pocket.
„Over the past several months, we worked with our UK regulator to agree upon a sustainable solution to the elevated complaints to the UK Financial Ombudsman, which would enable us to continue providing access to credit,“ said Enova boss David Fisher.
„While we are disappointed that we could not ultimately find a path forward, the decision to exit the UK market is the right one for Enova and our shareholders.“
New rules brought in five years ago limited the interest rates and fees payday lenders can charge and introduced enhanced affordability checks. Since then there has been a wave of complaints from customers who say they were mis-sold loans they could not afford.
Such legacy loan complaints, many of which came via claims management companies, were the key reason for the demise of Wonga last year.
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