Payday Lender QuickQuid Blames Regulators For UK Exit

Law360, London (October 25, 2019, 12:02 PM BST) -- Britain's largest payday lender will be shut down by the end of the year, its U.S. owner has said, blaming broad regulatory reforms and a surge of costly complaints from consumers.

QuickQuid’s U.S.-based owner Enova said Thursday it will exit the U.K. market "due to regulatory uncertainty” and after being hit with thousands of compensation claims from customers who believe they were sold loans they could not afford to repay.

Enova —  which operates as CashEuroNet in the U.K. and includes the QuickQuid trading name —  said it will take a one-time, after-tax charge of around $74 million to support the...

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