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QuickQuid The Largest Payday Lender Faces Administration?

Reports in the today’s papers are reporting that QuickQuid are facing Administration, with Grant Thornton reportedly being lined up to deal with the Administration. Grant Thornton, of course, have experience of dealing with the insolvency of Pay day lenders as they continue to deal with Wonga. 

Major news outlets are reporting that CashEuroNet UK, which trades under the QuickQuid brand, could be placed into Administration within a matter of days. 

It is being reported increased UK regulation in the industry have made trading conditions harder for QuickQuid. This included a cap placed on the amount’s payday lenders could charge and had to meet the FCA’s stricter standards in order to continue operating. The company have also received 3,000 complaints and customer compensation claims over mis-sold and unaffordable loans in the first six months of this year alone.

Posted: 25.10.2019
Tags:  announcement

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