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UK payday lenders start suspending new loans in Covid-19 crisis

Lockdown forces many high cost lenders to shift loans and collections online

Payday lenders have started to suspend new loans and tighten lending rules because of fears that low-income borrowers will not be able to afford repayments during the coronavirus crisis.

Doorstep lender Morses Club became the latest high cost creditor to withdraw loans for new customers on Monday. It comes nearly a week after sub-prime lender Amigo said it would temporarily pause all new lending activity, “given the ongoing uncertainty that the economic implications of Covid-19 could have for our customer base”.

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Source: The Guardian