As the Consumer Financial Protection Bureau considers new regulations on payday lending, a study by the Center for Responsible Lending shows high and early default rates on the short-term loan product. Photo: ReutersJim Young. Citi cash advance fees pedestrian walks past a payday lending shop in London on March 6, 2013. Photo: ReutersSuzanne Plunkett. A lender makes a loan.
Then a borrower pays it back. And to make sure that transaction doesnt tank, theres "underwriting:" verifying that the borrower will indeed be able to make the payments. This last step would be a key lesson from the subprime mortgage crisis.
Cash Converters said it would sell its British stores and a £8. 7 million (16. 9 million) personal loan book, while lifting investment in Australia.
It said the British network had "struggled in tough trading conditions" and it would "go back to basics" by selling its corporate stores and acting as a master franchisor. It also said it would stop operating auto financing business Carboodle because its volume growth had been too low.
It would instead change to a secured motor-lending business.
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