The UK’s biggest payday lender has collapsed into administration, leaving more than a million customers facing financial uncertainty. CashEuroNet UK accounts for up to 25% of the UK payday loans market. While CashEuroNet UK’s total customer numbers are not disclosed, the QuickQuid website claims to have served “1.4 million customers and counting”. Payday lenders have been hit by a sharp rise in claims from customers who say they have been mis-sold loans they cannot afford. Consumer finance experts have said if QuickQuid customers do not keep up payments they potentially face having to pay extra charges or suffer black marks on their credit records.

Source: The Guardian October 25, 2019 17:15 UTC