Payday loans neon sign

Payday futures: sub-prime credit markets in transition?


Barrow Cadbury Trust (Economic Justice Programme) and Carnegie UK Trust (Enabling Wellbeing)

Total value of project

£60,000 Barrow Cadbury Trust
£28,904 Carnegie UK Trust

Value to Coventry University


Project team

Dr Lindsey Appleyard


Toynbee Hall

Duration of project

01/12/2016 - 04/04/2018 Barrow Cadbury Trust
01/01/2018 - 04/04/2018 Carnegie UK Trust

Barrow Cadbury Trust logo

Project overview

The project investigated the impact of the regulation of UK payday loans or High-Cost, Short-Term Credit (HCSTC) and how this is reshaping credit markets for borrowers.

Project objectives

The project explored the impact of the cap on the cost of HCSTC since January 2015 on lenders and borrowers, and the subsequent impact on the broader credit market. The project mapped the subprime credit landscape to show how it has changed since the regulatory changes to assess where people now access credit such as through credit unions, unregulated or illegal sources.

  • This research was the first independent, academic assessment of how sub-prime consumer credit markets have changed since payday loans were regulated, following the high-profile debate on the role of HCSTC in UK society. The project explored the lived experience of former payday borrowers that were recently excluded from using this form of credit to investigate the impact of the regulation on their ability to access credit and manage their finances.

  • Appleyard, L. Packman, C. and Lazell, J. (2018) Payday Denied: Exploring the lived experience of declined payday loan applicants. Barrow Cadbury Trust and Carnegie UK Trust.   

    Appleyard, L. and Packman, C. (2018) The lived experience of declined payday loan applicants in Glasgow. Barrow Cadbury Trust and Carnegie UK Trust.    

    Appleyard, L. (2018) ‘Wonga’s collapse and what it means for the people who rely on payday loans’. The Conversation.

    Appleyard, L. Packman, C. Lazell, J. and Aslam, H. ‘The Lived Experience of Financialization at the UK Financial Fringe'. Journal of Social Policy.

  •  Queen’s Award for Enterprise Logo
    University of the year shortlisted
    QS Five Star Rating 2020
    Coventry City of Culture 2021