Finance and Leasing Association (FLA)

The FLA trade association confirms that its members provided almost £90 billion of new finance in 2013, but it would be misleading to regard this as payday loan business, as only one member, Wonga Group Limited, conducts business in this area.

While the FLA members include banks, building societies, manufacturing companies, the finance arms of leading retailers and some independent businesses; its membership is not a major source of payday loan lenders.

This might explain why the website contains very little information about payday loans from either the consumer or a lender’s point of view. Any information about this sector in the marketplace is dealt with in just one line describing unsecured loans on the consumer information webpage.

http://www.financeleasingassociation.co.uk/index.php/consumer-information/consumer-advice/

The website offers simple and straightforward guidance about money advice and directs people with problems to Citizens Advice. http://www.citizensadvice.org.uk/index/getadvice.htm

Consumers will be disappointed that the website struggles to even mention Wonga. The website does not provide a list of members and appears to carefully avoid any mention of payday loans.

We would be pleased to hear from the association so that we can correct, update or confirm details about how payday loans are affected by this trade association.

http://www.fla.org.uk/

 

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Writen By:

Jim Cook

Jim cook has been in the financial sector for over 10 years. Specialising in the payday loan sector.

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Published in Law & Regulation

Data Protection Reg No: Z3508710 - Consumer Credit License Number: 655622