The head of Britain's biggest pawnbroker has said regulation on cash loans risks pushing some people to loan sharks ahead of Christmas.
He admitted that the timing was a concern for the business, with pre-Christmas a busy time for giving short-term loans, and had come"a bit out of the blue" from the regulator - the Financial Conduct Authority .Where can you go if you need money in a hurry? They relate to cash loans, sold from H&T stores, which typically required repayment within six to 12 months. Such loans would have relatively high interest, as they were available to people who might struggle to be accepted for a loan from the bank.
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