Payday Loan Lenders are not as plentyful as they once were and at one stage it was thought they just might be extinct!
After the great credit crunch and credit crises of 2008, the Financial Conduct Authority flexed it’s muscles and promised to sort out the financial sector of the UK.
That was a huge statement and undertaking to make and it is thought that their work of regulation might never really be finished, but it has certainly started to make differences in the financial world.
Greedy Payday Loan Lenders
Payday Loan Lenders to be honest, got a very bad name in the past for their sharp loan practices and new regulations were overdue coming into effect.
Payday Lenders could really charge whatever interest rates they wanted, added fees on top and if you defaulted at all, by even one penny, on came the extra default fees, rollover charges, interest on top of interest giving compound interest payable.
So, when the FCA threatened them with restrictions, many Payday Loan Lenders actually closed their doors to new lending and some even went out of business.
Good Payday Loan Lenders
The result of all this new regulation means that there are less payday lenders, but the companies that are left are all regulated and are not allowed to charge excessively.
This is good news for you the borrower and it is a good time to be taking out a new loan.
All of the Payday Loan Lenders near me shown on this website are all regulated and approved and you can apply with confidence by clicking on the links and banners to get started.
See also Payday Loans Direct Lenders.