QuickQuid: UK's biggest payday lender to close after 3,000 customer complaints

The UK's biggest payday lender is to close after thousands of complaints and regulatory uncertainty rocked the business.

US owner of the brand, Enova, had been working for months to reach a deal with authorities after more than 3,000 complaints were filed by customers about the company in just six months.

Most complained about lender

QuickQuid is the best-known brand of CashEuroNet UK and claims to have lent to more than 1.4 million people in the country.

The is to close after being rocked by thousands of complaints and regulatory uncertainty

Enova will take a one-off after tax charge of around $74 million (£58 million) to support the end of its lending in the UK.

On announcing the company would withdraw from the UK this quarter, chief executive David Fisher said: “We worked with our UK regulator to agree upon a sustainable solution to the elevated complaints to the UK Financial Ombudsman, which would enable us to continue providing access to credit for hardworking Britons.”

CashEuroNet UK has been one of the UK's most complained about finance providers for some time, receiving more than 3,000 complaints to the Financial Ombudsman Service during the first half of this year.

It was the most complained about payday lender in 2018, with over 10,000 complaints - 63 per cent of which were upheld in favour of the consumer.