Martin Lewis: 'QuickQuid demise would not be a cause for tears'

Responding to today’s news about QuickQuid, Martin Lewis, founder of MoneySavingExpert.com, said: “As with the demise of Wonga, if QuickQuid does go, in the long run, it’ll not be a cause for tears. Normally when firms go bust, the fear is diminished competition. Not here. These loans were unneeded, unwanted, unhelpful, destructive and addictive.

“It's important to understand the payday loan industry was built on the back of marketing, not need. They sold people the concept of a need to create a demand, then pushed their products. These debts for the vast majority of customers were hideously over-expensive and unhelpful.

“The only problem with QuickQuid’s demise is the potential that this big parent company wangles out of its obligation to pay the compensation to people whose lives were made miserable. I hope that won’t happen, I suspect it will happen. Morality has never been at the forefront of these companies’ minds.”