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Archbishop’s prayers responded as pay day loan businesses taken to book

Archbishop’s prayers responded as pay day loan businesses taken to book

Justin Welby declared war regarding the loan providers however it is regulators which have taken on the battle with over one company going under

The Financial Conduct Authority is breaking straight straight down on payday lenders. Photograph: Dan Kitwood/Getty Images

In 2013 the Archbishop of Canterbury, Justin Welby, declared war on Wonga as well as other payday loan providers crucifying borrowers with 5,000per cent interest loans. 36 months later on it seems as though their prayers may have been answered.

CFO Lending, that has been fined ВЈ34m this week because of the Financial Conduct Authority, is simply the operator that is latest taken to its knees by regulators punishing bad financing behavior. (više…)

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