List of Payday Lenders That Have Closed Down
In a recent Q&A the FCA Cap was queried that was initiated back on January 2nd 2015. This capping comes in at 0.8% daily and as we covered in the mentioned posting, this resulted in many lenders ceasing trading after that point. There has been that many casualties that it can be difficult to keep track of all of them. These closures even started popping up months before every lender had to make the alterations to their pricing. Some more well known firms didn’t close, but they instead adapted their products to take on longer terms and so there are now considerably less options when it comes to monthly-only solutions.
The idea of this page was to compile a list of payday lenders that have closed down recently. However, we have also added the grouping of “Less Recent” that notes any older closures. Below the main list we will also mark any inactive firms in other subprime sectors. Most of the recent closures will be in light of the cap, with the more dated casualties being due to the competitive nature of this sector. Smaller firms simply find it difficult to compete, but this is not always on the merit of their product, yet typically relating to their advertising budgets. We have started to provide intros for some of the more popular listed brands below (these are linked).
List of Payday Lenders That Have Closed Down:
Monthly and Short Term…
ChequeCentre (online) | Active: High Street
SpeedyCash (online) | Active: High Street
TheCashStore (high street chain)
Monthly and Short Term (Less Recent)…
BalmoralFinancial (not fully closed, but their new product requires employers signing up)
Alternative (Less Recent)…
Notes: Companies displayed under single name to avoid excessive keyword density. All sorted alphabetically.