4000%: Are payday loans ever in the consumer interest?

4000% Are payday loans ever in the consumer interest?

On the back of a recent Office for Fair Trading report on payday loans; the short-term lending sector has come under increased criticism and scrutiny. With some payday lenders exhibiting unethical and unscrupulous behaviour, it is unclear whether payday lending functions as a crucial form of finance for those on low incomes, or simply a means of locking the poor into a cycle of debt. With the demand for payday loans apparent, trust needs to be reinjected into the sector with clear regulations, ethical practices and clear accountability.

Speakers:

• Chris Evans MP, Member of Parliament for Islwyn
• Yvonne Fovargue MP, Member of Parliament for Makerfiel
• Joanna Elson, Chief Executive, Money Advice Trust
• Russell Hamblin-Boone, Chief Executive, Consumer Finance Association
• Elaine Moore, Deputy Editor, FT Money, Financial Times (Chair)

Co-hosted with Consumer Finance Association.