Our industry is yet again in the news, this time for two reasons. Across the pond, news is circulating about tightening rules in the U.K market, resulting in over 19,000 lenders not registering for the required consumer credit license in time for the deadline. Financial giant & friendly competitor Wonga also saw the loss of it’s U.K C.E.O, Niall Wass this past month.
It’s also making waves online due to Google’s next update which includes Panda 4.0 & Payday Loan 2.0. Payday Loan 1.0 was released in June of last year and was released primarily to target and remove spammy lending ads. While it didn’t affect our presence on the web in the slightest, Payday Loan 1.0 removed spam-heavy searches & ads mostly south of the border. We don’t expect this next release to affect us at all, either.
While not directly related, these two headlining events bring us back to a familiar topic; responsible lending practices & transparency. Since the beginning, GoDay.ca has been dedicated to customer education, simple practices & compliance to government regulations. We are more than aware of the stigma the industry has (it’s even worse in the US & the UK than in Canada) which is why we’re actively trying to change it with responsible lending practices.
We’re happy to hear of tightening regulations which protect the consumer & we hope more governments follow the Ontario legislature’s example. We’re also happy to hear that Google’s new update will, hopefully, help remove more spammy & possibly misleading content.
If you’re in the market for a payday loan – shop around. Learn the difference between a direct lender & an indirect lender. Find out how to spot a credible lender, especially if you’re getting a payday loan online. Know that there are regulations in place to protect you & know your rights going in. Determine whether or not you even need a loan, and if so, know your limit.
This is an innovative industry that will always change to meet the needs of the consumer. If you’re ready to try something new, head on over to goday.ca & give us a try. You never know – we might change your minds about the whole industry after we’re done.