Payday lending into the UK: the legislation of the evil that is necessary?

Payday lending into the UK: the legislation of the evil that is necessary?

KAREN ROWLINGSON

* School of Social Policy, University of Birmingham, Edgbaston, Birmingham, B15 2TT, email: ku.ca.mahb@nosgnilwoR.K

LINDSEY APPLEYARD

** Centre for company in Society, Coventry University, Priory Street, Coventry, CV1 5FB, e-mail: ku.ca.yrtnevoc@3111ca

JODI GARDNER

*** Corpus Christi university, Merton Street, Oxford, OX1 4JF, e-mail: ku.ca.xo.ccc@rendrag.idoj

Abstract

Concern concerning the use that is increasing of financing led the united kingdom’s Financial Conduct Authority to introduce landmark reforms in 2014/15. 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 the development and nature of payday financing coupled with initial and rigorous qualitative interviews with clients. We argue that payday financing is continuing to grow due to three major and inter-related styles: growing earnings insecurity for folks both in and away from work; cuts in state welfare supply; and financialisation that is increasing. Read more