Subprime Lender Self-Disrupts
Lending money to poor people is shockingly profitable. Yet the temptation to wring even more money out of doorstep lending led Provident Financial Plc to revamp its business in the name of technology and efficiency.
The result: a wrecked share price, the CEO’s exit, regulatory scrutiny and a balance sheet that may need propping up. The blessing in disguise may be a slowdown in subprime lending.
Provident Warning
Subprime lender’s share…