In recent months, some of the UK’s biggest payday loan companies have gone to administration after it became clear that their operations are no more viable.

Over the next decade, the operations of payday companies flourished at an amazing rate, which saw both the number of companies and the customers going up substantially.

FCA guidelines & fall of payday loan companiesHowever, with the Financial Conduct Authority (FCA) introducing a set of new guidelines for the payday loan companies in 2015, the unabated growth of these companies witnessed the first roadblock.

Other important payday loan companies that have reported bankruptcy include Quick Quid and The Money Shop.

The FutureThe business model of payday loan companies was lopsided that always put the borrowers at a disadvantage, and therefore, it was not sustainable. | To read full story, visit https://startuparound.com/read/1579870808.3690424/Why-Are-UK-Payday-Loan-Companies-Going-Bankrupt??ref=audio_experience