Britain’s Largest Payday Lender Closes.

A year ago, the grim practices of the United Kingdom’s payday lenders occupied a central place in Connecticut’s contest for governor. Republican Bob Stefanowski had spent much of the campaign (including his surprise primary win with 30% of the vote in a crowded field) touting his business experience. Scrutiny was not his friend.

Greenwich Democrat Ned Lamont’s campaign spent a chunk of their candidate’s fortune shining an unflattering light on payday loan lenders. Stefanowski’s experience running a British loan shark company changed a portion of his campaign narrative. The Stefanowski campaign strained to contain the story with a “you did it too” response, claiming that Lamont had profited from an investment in a payday lender that his wife’s venture capital firm had made.

The legacy of payday lending exploitation in Britain is coming to an end. The nation’s largest player, QuickQuid, is shuttering its windows and terminating its app applications. The company will leave behind thousands of unresolved complaints.

Connecticut may get a few more rounds of loan sharking reminders in the 2022 gubernatorial election.