Wonga collapse clears decks for US payday loan firms in UK market
US lenders emerge as big players despite customer complaints and high-cost credit clampdown
US-owned lenders have emerged as some of the biggest players in the UK payday loans market after the collapse of the former industry mainstay Wonga.
QuickQuid, WageDayAdvance and Sunny – owned by American-listed firms Enova, Curo and Elevate Credit, respectively – have made strides despite a clampdown on high-cost credit by Britain’s financial regulator and a recent surge in customer complaints.
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