SDLP Cllr Brian Heading has welcomed the news that the SDLP is bringing the fight against payday loans to Westminster and has urged local people to back that fight and sign the ‘Charter to Stop the Payday Loan Rip-Off’.
Councillor Heading said: “I am delighted to see that Foyle MP Mark Durkan has backed the ‘Charter to Stop the Payday Loan Rip-off’ which calls for tougher regulation of payday lenders who are trapping millions of people.
“Now local people have the opportunity to urge the Financial Conduct Authority to back the Charter and introduce tougher regulation of payday lenders to stop millions of people being ripped-off. The Charter can be signed at: change.org/paydayloancharter<http://www.change.org/paydayloancharter>
“I am deeply concerned by the widespread irresponsible lending which has seen payday loan companies charging annual interest rates of up to 4,000 per cent per year.”
“By signing the Charter people will be signalling their disapproval of the greedy loan companies who prey on those who are financially excluded and vulnerable by offering easy credit at extortionate rates. This has tipped so many people in and into inescapable cycles of debt and poverty.”