Crippling Pay Day Loans Could be Capped

Bude Citizens Advice at Neetside

Bude Citizens Advice at Neetside

And I, for one, couldn’t be more pleased than to see the obscene interest charged by companies like Wonga become regulated. The Citizens Advice agrees:

Gillian Guy, Chief Executive at national charity Citizens Advice said:

“I am delighted that payday loans are finally under the spotlight – with the ten-fold increase in problems relating to payday loans we’ve seen at Citizens Advice, the issue of terrible credit loans can’t be avoided. The power to cap costs and limit rollovers is very welcome and long overdue, but it doesn’t solve the problems. However, we still need to increase the options for vulnerable customers to access cash that they urgently need. Measures to counter irresponsible and high cost payday lending must bring excluded borrowers into the mainstream, not force them further out.”

Citizens Advice is calling on people who have taken out pay day loans to take part in a national survey to monitor whether payday lenders are sticking to their self-regulating charter:

 

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