Collapse of British payday loan provider Wonga appears warning for Aussie fintech vigilance

Collapse of British payday loan provider Wonga appears warning for Aussie fintech vigilance

The collapse of Wonga, certainly one of Britain’s many fintech that is high-profile, provides salient classes for Australia, which considers the united kingdom a template for financial technology policy and where tighter legislation to safeguard susceptible clients from payday lenders seem to have stalled.

Wonga, built around a slick application enabling clients to have costly loans via their cellular phone, had been « notorious because of its extortionate rates of interest and ended up being a toxic icon of Britain’s home financial obligation crisis », stated The Guardian the other day. Continuer la lecture de « Collapse of British payday loan provider Wonga appears warning for Aussie fintech vigilance »