Category Archives: payday loans that accept prepaid debit cards

Payday financing in the UK: the legislation of a evil that is necessary?

KAREN ROWLINGSON

* School of Social Policy, University of Birmingham, Edgbaston, Birmingham, B15 2TT, email: ku.ca.mahb@nosgnilwoR.K

LINDSEY APPLEYARD

** Centre for company in Society, Coventry University, Priory Street, Coventry, CV1 5FB, e-mail: ku.ca.yrtnevoc@3111ca

JODI GARDNER

*** Corpus Christi university, Merton Street, Oxford, OX1 4JF, email: ku.ca.xo.ccc@rendrag.idoj

Abstract

Concern in regards to the use that is increasing of financing led great britain’s Financial Conduct Authority to introduce landmark reforms in 2014/15. While these reforms have actually generally speaking been welcomed as a means of curbing ‘extortionate’ and ‘predatory’ lending, this paper presents an even more nuanced photo according to a theoretically-informed analysis of this development and nature of payday financing along with original and rigorous qualitative interviews with clients. We argue that payday financing is continuing to grow as a consequence of three major and inter-related styles: growing earnings insecurity for people in both and away from work; cuts in state welfare supply; and financialisation that is increasing. Current reforms of payday financing do absolutely nothing to tackle these causes. Our research additionally makes a contribution that is major debates in regards to the ‘everyday life’ of financialisation by centering on the ‘lived experience’ of borrowers. Continue reading