NewDay has reported that its lending grew by 32% in 2016, with 1m new customers borrowing. Meanwhile, Enova, the owner of lending sites including QuickQuid, said it had seen 16% growth in Q1 2017 compared with a year ago. News of increased lending by companies that target customers who struggle to get credit will be of concern to regulators who are planning a crackdown on consumer borrowing
The Car Finance Company, a provider of finance to drivers with poor credit histories, appears to be in financial trouble, with the company’s accounts listed as overdue at Companies House, according to the Times
TSB Bank is planning to reduce the number of mortgage products it offers and reduce its 3% share of new borrowing so that its staff can focus on moving customers onto its new IT system. The bank is also planning to launch a business banking service in H2
