The collapse of Wonga, certainly one of Britain’s many high-profile fintech loan providers, provides salient classes for Australia, which considers the united kingdom a template for economic technology policy and where tighter rules to guard susceptible clients from payday loan providers seem to have stalled.
Wonga, built around a slick software permitting clients to obtain costly loans via their cellular phone, had been “notorious because of its exorbitant interest levels and had been a toxic expression of Britain’s home financial obligation crisis”, stated The Guardian week that is last. Continue reading Collapse of British payday loan provider Wonga seems warning for Aussie fintech vigilance