Would you say that the online payday loan industry in the UK is saturated?

Question

I'm thinking of entering this industry. Is there any advice you can give me? Anything to worry about?

Answer 1

Be prepared for a load of abuse ..

Fact is, 'on-line' loans are almost 100% scams designed to part desperate insolvent fools from what few pennies they have left .. many just take the 'application' fee and never bother to do anything ..  those that are 'legitimate' typically have no money to lend themselves (that's much to risky) = all they do is act as agents for the few "real" loan companies (and take a big fat commission)

If you are intending to lend your own money, I hope you have set aside a few thousand for immediately pursuing defaulters through the Courts (any loan company that fails to vigorously pursue defaulters, soon finds themselves going bust as the word goes out and all their customers default ..)