Recent Payday Fraud Activity And How To Protect Yourself


A warning was issued by the FCA in regards of a firm that is believed to have been providing financial services and/ or products in the United Kingdom without its authorization.

Located at 36 Bolton Street, Lancashire; A company called G R Ranking Limited – trading as paydayloan.co.uk, is claiming to be the number one best independent payday loan resource sites.

The director stated, “Based upon information we hold, we believe it is carrying on regulated activated which require authorization.”

The FCA has reported that the company is using the email addresses of info@paydayloan.co.uk and three different telephone numbers of 03303 800 240, 0333 112 071 and 01138 300 963.

G R Ranking Limited has stated on its’ website paydayloan.co.uk that, “Our goal is to help provide as much information as transparently as possible on the UK payday loan sector…”

The company is also stating that it had started up as the first online lender in 1988. However, they are no longer actively participating in any direct lending services.

Alternatively, they have stated that their websites main goal of being the most inclusive, unprejudiced, and full of free resources for anything that relates to pay day loans in the United Kingdom.

Although, the WatchDog has reported that the firm was indeed not FCA-authorized and it is believed that their targets were only in the United Kingdom.

It is strongly advised to customers that they only deal with financial firms that are regulated and to check he registrar of financial services to double check that they are indeed regulated before becoming a client of the financial company.

It was also added by the regulator, “You should also be aware that if you give money to an authorized firm, you will not be covered by the Financial Ombusman Service or Financial Services Compensations Scheme (FSCCS) if things go wrong.”

The FCA has listed some ways that you can avoid scams and unauthorized financial firms. Some of those being to avoid cold calls meaning that if you are being called about an investment opportunity you should immediately hang up as the chances are it’s going to be a scam.

Stop sending money to a firm or individual the minute you think you are being involved in a scam. If you had given the scammers your bank information, immediately contact your bank institution.

When getting involved with any financial firm or services, always double check if the firm is authorized or registered. Because almost all financial services, firm and individuals must be authorized by the FCA.

If you think a company or individual might be a scan you can see if they have already been listed on FCA’s list of unauthorized firms.

Always be aware if cloned firms. Some scammers will pretend to be from a company that is authorized from the FCA. The FCA likes to call these kinds of scammers cloned firms and typically claim to be from overseas.

Make additional checks to know that you are indeed dealing with the financial firm the fraudsters are playing out to be.

See warnings from abroad when dealing with an overseas firm or scheme. You should always check how things are regulated in that area and follow similar steps to the ones FCA has listed.

Once knowing that a financial firm is not authorized you should immediately report them to prevent others from being a victim of the scan.
Due to the recent accusations, the company has closed its website for maintenance and security improvements.

They’ve also stated that they do not lend money to anyone at all and has asked customers to be warned of cold calls that are claiming to be from paydayloans.co.uk, as it is a scam.

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