Ensuring that no borrower would ever have to pay back more than twice what they originally borrowed.
As reported in the CMA’s final investigation report , these regulations forced many of the original "big players" to either pivot their business models or exit the market entirely. A Legacy of Regulation paydayexpress.co.uk
The landscape began to change as the stepped in to overhaul the industry. By 2014 and 2015, strict new rules were introduced, including: Ensuring that no borrower would ever have to
Requiring lenders to rigorously prove a customer could actually afford the repayments. strict new rules were introduced