OFT cracking down on UK payday

[Jenny Lin]

This action's been buzzing in my newsfeed lately-

Payday lenders face advertising restrictions | Money | guardian.co.uk


--Anyone thinking how this will affect payday affiliates? maybe just a squeeze on conversions over the next few weeks until they figure it out some more/it blows over? I don't work with UK payday affiliates (yet), just US.

Maybe with more regulation more people will see PDL as a viable and trustworthy lending option? Right now it still has the reputation for being scammy or populated by loan sharks or whatnot.

 

[djbaxter]

There are repeated stirrings about banning PDL business here in Canada as well, on the grounds that the actual interest rates are excessive and that they target (or prey on depending on your point of view) those who are most vulnerable to "loansharking".

This is not new in Canada but I do think it's only a matter of time before they are banned outright.

 

[Jenny Lin]

Small update about the OFT: OFT payday lender crackdown set to be delayed by months | This is Money

Apparently the OFT is kinda fumbling it a bit and the deadlines have been extended, possibly into the summer.