The payday lending industry in the United Kingdom has come a long way. Whereas complaints among borrowers used to be common, the situation has improved to the extent that some of the top lenders today earn nearly flawless ratings and reviews. A look at how highly regarded payday lenders like Moneyboat achieve this could be enlightening.
A Customer-Focused Approach to Payday Lending
When this style of lending first started gaining momentum in the United Kingdom, it was often lenders driven by short-term thinking who led the way. As a result, many borrowers found themselves feeling taken advantage of and even manipulated, with financial problems being compounded for quite a few.
Over time, it became clear that this was not a productive or suitable situation. Stronger regulations imposed by the authorities helped drive many less scrupulous lenders out of business. Along the way, a new wave of payday lenders became committed …