Quick Loans Latest to Surrender Payday Loans License

Due to new rules and the threat of ever increasing legislation, QuickLoans.co.uk has announced that they are surrendering their license to provide Payday Loans in the UK.

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Barnsley, South Yorkshire (PRWEB UK) 12 May 2014

The company (Quick Loans Dot UK Ltd) is citing their reasons for leaving the market as "The continuing, even increasing threats of political interference by the Government indicate that the lending environment is becoming more hostile. Regretfully Quick Loans cannot justify continued investment of time and money in an uncertain market."

QuickLoans.co.uk has handed back its license and will now cease lending with immediate effect. They follow what is a growing line of lenders leaving the UK Payday Lending Market.

Quick Loans Dot UK Ltd does not foresee a return to the UK market in the foreseeable future. With the opposition Labour party being even more hostile to the free market than the current Government, the company expects legislation to become more prohibitive to lenders business models. Company Director Graeme Wingate said "With both main parties following the same view on different types of short term loans, we see no light at the end of the tunnel and therefore have no option but to stop trading".

The closure of Quick Loans will result in the loss of 16 jobs. They will cease all lending activity within the month and will wind down the loan book over the next 6 months.


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