New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 28% in June 2021 compared with the same month in 2020.  In the first half of 2021, new business was 18% higher than in the same period in 2020. The retail store and online credit sector reported…

The Financial Conduct Authority (FCA) has criticised Provident Financial’s plans to cap compensation for customers of its failed doorstep lending arm,. The regulator has also said it would not oppose the lender in court. Provident has set aside £50 million under a scheme of arrangement to reimburse customers who were mis-sold loans. The FCA said…

New research by Money.co.uk has shown that 18-24 year olds are more likely to use Buy Now Pay Later schemes (54%) than a credit card (49%) The research follows on fromt the news that Buy Now Pay Later (BNPL) transactions are set to exceed 1.5 billion transactions by 2026. Money.co.uk’s latest ‘Shop Now, Stress Later’…

Lender, Non-Standard Finance, (NSF) has reported a normalised loss before tax of £35.2 million, a fall of 339% in its audited full year results to 31st December 2020. Normalised revenue was down 11% to £164.1 million (2019: £183.7 million) and reported revenue down to £162.7 million (2019: £180.8 million). The Covid-19 pandemic had a severe…

Provident Financial has said that its doorstep lending unit will likely face insolvency if its £50 million settlement plan is not endorsed by a UK court. The company says that its scheme of arrangement will entail higher-than-expected costs, and that it is taking measures to gain creditors’ approval so that consumer-credit-division companies aren’t required to…

Home credit provider Morses Club has said in a trading update that despite the ongoing pandemic the company has had an encouraging start to the new financial year after a steady increase in customer demand across all of its products both the home collected credit (HCC) and digital divisions. Latest company figures the first quarter…

The Chief Executive Officer (CEO) of Klarna has claimed its buy-now-pay-later model is cheaper for consumers than credit cards and stops them getting into deep debt stating that consumers are better off because it doesn’t charge interest or late payment fees. The global banking, payments and shopping service, has launched its new Shopping app, empowering…

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 147% in April 2021 compared with the same month in 2020.  In the first four months of 2021, new business was 1% higher than in the same period in 2020. The retail store and online credit sector…

Sub-prime lender, Amigo has warned that it faces potential collapse after confirming that it will not appeal against a High Court decision that blocked a scheme to cap customer compensation. The firm said it would ‘consider all options’ noting that it is looking at an alternative scheme to manage the costs of customer compensation claims.…

Just 7% of UK shop payments predicted to be in cash by 2024 according to new research by Worldpay. The report found that cash purchases fell to 13% last year as pandemic increased the switch to cards and mobiles The report found that by 2024 it expects tha mobile to make up a third of…

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