CMA report finds that 4 of the top 11 lenders ceased offering loans, says Uncle Buck.

The Competition and Markets Authority published the final report of their Market Investigation into payday lending on 24 February 2015. In this, they noted that 4 of the top 11 lenders identified at the start of their investigation had ceased offering loans by 2014, whether on a permanent or temporary basis. They noted that the market had contracted in 2014 with payday loan revenues and loan volumes down by around 27% on 2013, which itself showed much reduced growth (5%) on the previous year. In 2012 growth had been 35%-50% (depending on the metric measured) over 2011.

The Consumer Finance Assocation told the CMA that three members had left, with one new entrant. Trade Associations, said the CMA, had provided evidence that around 50 lenders had left the market since late 2013. Four lenders, named by the CMA as Ariste, Cheque Centres, Cash Store and CFO Lending, had either exited, or announced a decision to exit the market.

Uncle Buck operates from the historic Biggin Hill Airport site and has been expanding its lending, collecting and customer service teams to meet demand for its products.

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