What is it about?
This paper examines the reasons why people on a low-to-moderate income borrow from high-cost lenders such as payday loans. We explore the trends behind why people need to access credit, such as: increasing financialization of everyday life; retreat of the welfare state and income insecurity.
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Why is it important?
Whilst the UK's Financial Conduct Authority (FCA) has introduced reforms to high-cost credit, we argue that these reforms do little to address the need for credit, especially for those on a low-to-moderate income.
Perspectives
Our paper draws on interviews with payday loan customers to explore the complex (and often ignored) 'lived experience' of the low-to-moderate income borrower.
Dr Lindsey Appleyard
Coventry University
Read the Original
This page is a summary of: Payday lending in the UK: the regul(aris)ation of a necessary evil?, Journal of Social Policy, February 2016, Cambridge University Press,
DOI: 10.1017/s0047279416000015.
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