Payday UK has stopped offering loans online or over the phone according to its website. They are one of the oldest and largest payday lenders in Britain.
Payday UK is a brand name of Instant Cash Loans Ltd. The other online lending brands in the group, Payday Express and Ladder Loans, have also withdrawn from the market.
The group’s Money Shop business is unaffected, as are their smaller pawn-broking businesses: Robert Biggar. Suttons & Robertsons, and Duncanson & Edwards.
Already up for sale
The UK business, Instant Cash Loans, is owned by Dollar Financial Corporation Global, which put them up for sale in January.
The CEO of the UK Business, Stuart Howard, resigned in September 2017.
Although there aren’t any published statistics, the Payday UK / Payday Express / Money Shop group is generally regarded as one of the top three payday lenders in Britain. The other two major lenders are Wonga and QuickQuid.
Existing Payday UK borrowers
If you have a current loan from Payday UK or Payday Express this won’t be affected and you should carry on making the loan repayments. If you were hoping to be able to borrow again from them when your loan ended, that won’t be possible.
Have you asked for a payday loan refund?
Many Payday UK and Payday Express customers have complained to the Financial Ombudsman that they were given unaffordable payday loans.
If you have a complaint in progress, you shouldn’t be too alarmed by today’s news. The parent company, Instant Cash Loans Ltd, is still authorised by the regulator, the Financial Conduct Authority. Their Money Shop business is continuing to operate. There is no indication that it is about to go into administration.
But if you are thinking of putting in a complaint about a past or a current loan from Payday Uk / Express, it may be best to do this now.
Debt Camel examined affordability complaints in detail in How to ask for a payday loan refund. There is a separate article that looks at this particular lender: Refunds from Payday UK/Express or The Money Shop.