The money pouring into a boom for consumer loans
High street banks have lent to payday loan companies. (Image: Barclays bank via Sutterstock.com)
|Tory donor: Henry Angest|
Despite this new attempt at regulation, international businessmen including some from eastern Europe, a South African mining company president and US venture capitalist Don Valentine – who made his name funding Apple, Google and YouTube – have bought into the industry.
The firm, owned by Delaware-registered Global Analytics Holdings Inc, had a £32.7m turnover in 2011 with 142,000 British customers borrowing £31.2m. Its customers pay 3,378% APR to borrow from it.
Dollar Finance has overseen the massive growth of the Money Shop taking it from a company with 34 staff and a turnover of £2.9m in 1998 to one with 2,300 staff and an income of £172.3m today.