Payday lender to pay £34m to customers

Today it has been reported that Payday lender, CFO Lending, has agreed with FCA to pay £34 million to 97,000 customers for its unfair trade practises. Some of the unfair practises being referred to are overcharging customers, sending threatening letters, and failing to help customers who found themselves in financial difficulty. More detailed list can be found here.

News like this affirms our belief and strengthens our resolve that we are on the right track. FairQuid’s Credit Union partners are a good viable alternative to consumers falling prey to payday lenders in their times of financial need. We not just help with short term borrowing needs but also help in creating a savings kitty that can be relied upon for future needs (even though it may mean you don’t come back for another loan the next time, but that is ok with us). More details on the scheme can be read here.