вЂњThere will simply be four main payday lenders running within the sector.вЂќ
This is the claim produced by the Financial Conduct Authority (FCA) back 2014, when I sat in a seminar that is crowded enclosed by other payday loan providers and agents. With all the FCA taking over through the Office of Fair Trading that 12 months, numerous industry players had been anticipating a shake-up as directors of cash advance businesses and I also huddled into this space looking to get some understanding of the regulation that is pending.
Needless to say, we laughed from the basic notion of a business with only four players. At this time, payday financing was in fact a booming company with market valuation of ВЈ2 billion, over 3 million loans funded each year, around 200 loan providers, and much more than 200 agents, effortlessly.