Payday lending into the UK: the regul(aris)ation of a evil that is necessary?

Payday lending into the UK: the regul(aris)ation of a evil that is necessary?

KAREN ROWLINGSON

* School of Social Policy, University of Birmingham, Edgbaston, Birmingham, B15 2TT

LINDSEY APPLEYARD

** Centre for company in Society, Coventry University, Priory Street, Coventry

JODI GARDNER

*** Corpus Christi University, Merton Street, Oxford

Abstract

Concern in regards to the use that is increasing of financing led great britain’s Financial Conduct Authority to introduce landmark reforms. While these reforms have actually generally speaking been welcomed as a means of curbing ‘extortionate’ and ‘predatory’ lending, this paper presents a far more nuanced photo predicated on a theoretically-informed analysis associated with development and nature of payday financing along with initial and rigorous qualitative interviews with customers. We argue that payday financing is continuing to grow because of three major and inter-related styles: growing earnings insecurity for folks in both title loans and away from work; cuts in state welfare provision; and financialisation that is increasing. Continue reading “Payday lending into the UK: the regul(aris)ation of a evil that is necessary?”