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Opinion: Payday loan victims are being shortchanged yet again

  • 📰 The Independent
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The road to hell is paved with good intentions, including the payday compensation scheme. WageDay and Wonga clients have every reason to feel very bitter; they’ve fallen through the cracks

to impose a crackdown, putting a cap on interest rates and charges. It also ordered lenders to compensate mistreated borrowers as complaints flooded in. As a result, Wonga collapsed last August. WageDay went under in February when its owner Curo Transatlantic, which also operated Juo Loans, called in the administrators. They may yet be joined by others.

 

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