Westfield splits business to raise 35bn by the end of the year
It now runs around 50% of all the UK’s payday loans.
The company is already having trouble filling new customer’s contact details, because people do not want to give details if they don’t want to go under them.
The government hopes that will change next week.
The new firm will use machine-readable „passwords“ to provide an automated banking line. This will be based on a „kill list“ of bad people in the industry.
Its targets are very strict. It has to know which of its clients are the main problem, and will target them and warn them before leaving their details blank.
It also uses new technology that checks payment history to see who is actually going to be the big winner next year, when payday loan debts go up, rising from £35 to £60.
The new „payment machine“, which will start in the same way as the bank’s website, will not automatically contact the person to get their details, because it doesn’t know who that person is. This is only discovered when people need to contact the business, so the process is quicker and more efficient.
„The system will b바카라사이트e different every year, but for the last 15 or 20 years the customer has to be called in to get their contact details and also be on a kill list.“
The new model will help give banks more flexibility. In 2013 payday lenders raised mo우리카지노ney from investors – £5m, that year alone. That was one of the biggest crowdfunding successes since payday loans started in 2009, but the financial problems the new scheme will face as a result may well prompt them to give customers longer contracts – for up to a year.
When the new machine is working properly there could be a chance that one or two banks could start offering this type of new type of money – the sort of loan that isn’t guaranteed for long but helps people in the short term.
„I think if the machines will work and are going to reduce the problems with people using the machines ov바카라사이트er the short term, then it’s a good thing for consumers.“
There are already a number of payday loan machines currently in operation in Britain. The latest one is in the north of England, where a „death match“ is currently taking place between payday lenders and payday loan companies, hoping to get them to shut down.
One payday lender in Manchester has been selling the machines at a reduced price of £6.60