Interest Rates to be Capped?

harrys_dad

Hopefully this will give further encouragement to all those struggling with the evil that is Pay Day lending.

Stella Creasy, the Labour MP campaigning against payday loan companies like Wonga, seems to have achieved a victory. The government has indicated that it will back an amendment to the financial services bill putting a cap on the amount of interest they can charge.

(From The Guardian website at 3.15 pm this afternoon).

fermi

Also see:

MSE News - Payday loan reform latest: Will charges be capped?

Discussion thread: Payday loan reform latest: Will charges be capped?

the_cat

In a lot of ways - good news.
I can't help but worry that that it will mean the truly desperate will turn to unregulated loan sharks and the like though.

poppy10_2

the_cat wrote: »

In a lot of ways - good news.
I can't help but worry that that it will mean the truly desperate will turn to unregulated loan sharks and the like though.

The payday loan companies are loan sharks.

Treadmill

Tony Soprano charges 2% per week, Chep in comparison to pay day loans.

cepheus

this organisation may become of interest

SHARKSTOPPERS

Just because the UK Government refuses to act doesn't mean we can't. Together we will take action against Britain's legal loan sharks!
http://www.sharkstoppers.com

Sharkstoppers will be launched shortly as a resource to support activists who are taking action to tackle high-cost credit in their local communities.

For more information on Movement for Change, please visit our main website

Movement for Change’s training offer is set out in Stella Creasy MP’s campaign pack - download it here (.pdf 1.3 MB).

More in the guardian here