A economic watchdog has released regulatory information regarding the high-cost credit marketplace for the 1st time – and has now revealed that borrowers paid back significantly more than 165 % associated with the price of their initial loans.
The Financial Conduct Authority’s (FCA) numbers, for between July 2017 and June just last year, indicated that over 5.4 million loans had been produced in that point with £1.3bn borrowed and £2.1bn repaid in total.
Customers borrow £1.3 billion each year and repay over £2 billion – read our insights to the high-cost term credit market #f that is short
The collapse of Wonga, who disappeared through the market last September, is perhaps perhaps not taken into consideration into the numbers which reveal that financing volumes was indeed in the increase since 2016 – but had been far lower compared to 2013. [Read more...]