Payday lender Peachy falls into administration

Payday loans

Collapse will deal blow to customers who say they were mis-sold unaffordable loans

One of the UK’s best-known payday lenders has collapsed into administration – the latest apparent casualty of a crackdown on costly loans.

Peachy was one of the biggest names left in the controversial sector following the demise of Wonga and QuickQuid, and its collapse will deal a blow to customers who claim they were mis-sold loans they could not afford. The administrators have warned that compensation payments to valid claimants are likely to be “considerably smaller” than people’s accepted claim amounts.

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