Help to end legal loan-sharking
Did you know that in Britain today there is no ceiling on the amount that lenders can charge for credit?
The UK's poorest pay the highest price for credit in Europe and some lenders are charging the equivalent of 3,000% APR. This is legal loan-sharking.
Today a coalition of activists, campaigners, citizens groups and MPs have echoed our call for an end to legal loan sharking.
Investors are using high-cost lending as a means to make profit from society's most vulnerable.
Some payday lenders are charging £83 in interest and collection charges for every £100 borrowed. The OFT calculated that high-cost lenders are making £16,000-per-hour of 'excess' profit.
This is unacceptable profiteering; to help us bring it to an end, join our campaign at http://action.compassonline.org.uk/endlegalloansharking
General secretary, Compass