Subprime

More borrowers turn to sub-prime credit cards thanks to pandemic

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Desperate borrowers face mounting credit card bills: Surge in people turning to sub-prime plastic charging interest of 35% and beyond Number of new ‘sub-prime’ borrowers taking out credit cards rose 143%  This was more than double the rise in all new borrowers in September  It suggests those turning to borrowing are being turned away from … Read more

Sub-prime lender Provident Financial will repay furlough cash

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Sub-prime lender Provident Financial slumped to a £32.6million loss in the six months to 30 June, new results show. The group, which runs Vanquis Bank and Moneyfarm, said the loss was better than it had been expecting given the potential impact of Covid-19 on its business. Provident now plans to repay all the cash it … Read more