Whether the people who take out these loans are financially desperate, or financially irresponsible, “payday lenders” are parasites, the online version of loan sharks. Good riddance to one of these exploiters – but you can bet some other “financial institution” (the people who run them should be in one) will pick up the debt book and be rigorous in its collection.

https://www.theguardian.com/money/2019/oct/25/quickquid-owner-collapses-into-administration

Payday lenders have been squeezed by political and regulatory pressure over their business model, which charges high interest rates for loans. A QuickQuid customer taking out a £250 loan for three and a half months would be charged interest rates equal to an annual percentage rate of 1,300%, according to an example on the lender’s website.

But good news !