Payday financing when you look at the UK: the regul(aris)ation of a necessary evil?

Concern in regards to the increasing utilization of payday lending led the united kingdom’s Financial Conduct Authority to introduce landmark reforms in 2014/15. This paper presents a more nuanced picture based on a theoretically-informed analysis of the growth and nature of payday lending combined with original and rigorous qualitative interviews with customers while these reforms have generally been welcomed as a way of curbing ‘extortionate’ and ‘predatory’ lending. We argue that payday financing has exploded because of 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. Present reforms of payday financing do absolutely nothing to tackle these causes. (بیشتر…)