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Payday financing when you look at the UK: the regul(aris)ation of a necessary evil?



Concern in regards to the increasing usage of payday financing led great britain’s Financial Conduct Authority to introduce landmark reforms in 2014/15. This paper presents a more nuanced picture based on a theoretically-informed analysis of the growth and nature of payday lending combined with original and rigorous qualitative interviews with customers while these reforms have generally been welcomed as a way of curbing ‘extortionate’ and ‘predatory’ lending. We argue that payday financing has exploded as a results of three biggest and inter-related trends: growing earnings insecurity for folks both in and away from perform; cuts in state welfare supply; and financialisation that is increasing. Present reforms of payday lending do absolutely nothing to tackle these causes. Our studies furthermore renders a biggest share to debates concerning the ‘everyday lifestyle’ of financialisation by centering on the ‘lived experiences’ of borrowers. We showcase that, contrary to the quite simplistic image introduced by the news and lots of campaigners, different facets of payday financing are now actually welcomed by clients, provided the circumstances they’ve been in.

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