Payday lending: fixing a broken market - ACCA Global
Payday lending: fixing a broken market
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This report analyses online payday lending business models and outlines a proposed framework to be used to determine the level for the cap on the cost of credit, which both allows lenders to cover their costs and results in affordable loans for borrowers.
? The Association of Chartered Certified Accountants M2 ay 2014
Payday lending: fixing a broken market
Sarah Beddows, Independent Consultant and Mick McAteer, Financial Inclusion Centre.
ACKNOWLEDGEMENTS Thanks to Robin Jarvis, Special Adviser, ACCA and Professor of Accounting at Brunel University.
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Contents
1. Introduction
7
2. The structure of the UK payday lending market
10
3. Literature review
12
4. Data sources
13
5. Customer Acquisition Cost
15
6. Default
25
7. Rollovers and refinancing
40
8. Intensity of use
46
9. Market failure
54
10. Framework for setting the Rate Cap
60
11. Conclusion
65
12. Technical appendix
66
References
69
PAYDAY LENDING: FIXING A BROKEN MARKET
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