Roughly 800,000 customers were affected. Eligible borrowers who were mis-sold loans ultimately received only a small fraction of their compensation—less than 6p for every £1 owed.
WageDay Advance (a trading name of Curo Transatlantic Limited) was once a significant player in the short-term loan market. wageday
The firm entered administration in February 2019. Its downfall was largely due to thousands of "mis-selling" claims, where regulators found the company failed to perform rigorous affordability checks. Roughly 800,000 customers were affected
The firm's exit significantly reduced the number of direct payday lenders in the UK. Note that a separate entity, Wage Day Advance Limited , now operates as a credit broker rather than a direct lender. 2. Modern Evolution: Earned Wage Access (EWA) Payday lender's collapse to hit borrowers - BBC The firm entered administration in February 2019