Profitability of payday lending companies revealed
By Ray Watson
The Competition Commission’s working paper on the profitability of payday lending companies has been produced as part of an extensive investigation into the payday lending market, which began in June 2013 and is to continue for two years.
Interest income declined as a percentage of overall income from 90 per cent in 2008 to 83 per cent in 2012.
The drop in interest income was balanced by an increase in fees/charges for rollover and funds transfer…
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