In 2013 the Archbishop of Canterbury, Justin Welby, declared war on Wonga along with other payday lenders crucifying borrowers with 5,000per cent interest loans. 36 months later on it appears to be just as if their prayers was answered.
CFO Lending, that has been fined ВЈ34m this week because of the Financial Conduct Authority, is only the latest operator delivered to its knees by regulators punishing bad financing behavior. CFO, which traded under manufacturers Payday First, cash Resolve and versatile First, will need to control cash back to nearly 100,000 victims of its practices that are unfair. Continue reading “Archbishop’s prayers replied as pay day loan businesses delivered to guide. while those that survive are nursing losses that are large.”