Finance boss to stand down as lender prepares for more loan defaults amid looming recession

One of the biggest payday-style lenders to emerge in the wake of Wonga’s demise has itself run into trouble, warning the stock market of tumbling profits and the risks to the business of a potential recession.

Shares in Non-Standard Finance, which operates under the George Banco, Everyday Loans and Loans at Home brands – and charges interest of up to 732% – fell by 18% after the profit warning.

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