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Thursday, 25 January 2018 05:40

Quick Loans Was Right – Lenders Are Leaving

The lending website Quick Loans said in an article of June 2019 that lenders were about to cease lending to new borrowers if the Financial Conduct Authority didn’t raise the cost of credit cap. The declined to do so and now the first major lender has left. The story can be found here.

The site was mocked for its claims but this week has proven to be fully vindicated. The site also hit back at its critics with more warnings that other lenders could also be about to quit. They said it is unforeseeable that by the end of 2018, there may be no(legal) non-bank lenders left in the UK out.

They claim after that, the only places where a large portion of the population will be able to obtain credit will be from loan sharks or unlicensed lenders. Costs to these types of lenders far exceed those from legal lenders. Not forgetting that there is no bankruptcy or insolvency protections from these types of lenders.

The stand taken by Quick Loans just goes to show that those inside the industry know much more than those experts who sit on the side-lines and report their biased stories. Their articles are well worth a read, showing the true state of UK finances – not the views from left wing Marxist reporters who fill the ranks of mainstream media.

To their credit, they have been right on their predictions over interest rates staying low. They have been right over their predictions on the price of the Pound v Dollar even when they were up against the head of Deutsche bank. Deutsche bank predicted in 2017 that the price of Sterling would be on par with the Dollar. QL wrote an article mocking his predictions and have been proved right. 

It just goes to show that if you want to know what is going on in the world of finance, it is usually best to avoid mainstream media types who have fallen flat on their faces over and over again.

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