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Monday, 12 May 2014 18:18

Another Lender Leaves the UK

It comes as no shock to us that another lender has decided to leave the UK's lending market. After all the Financial Conduct Authority has almost taken over the business of lenders, they decide on how many times a business can roll over loans, how many much they can charge for interest and even how fast they can make decisions in.

All in all it makes it impossible for lenders to run their own businesses and their own lending policies.

The fallout from lenders leaving the market is that the public will have to find alternative sources of borrowing. This is already becoming evident in that loan sharks are now preying on parents outside of the school gates. This is a worrying development, after all Wonga.com have never been accused of anything like that.

The rise of the loan sharks is starting here, you can't go bankrupt from loansharks. They will always want their money and don't use the court system. The UK politicians have to take this into account because more lenders leaving the industry is a very bad thing.

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