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

23rd September 2013
  • ResPublica

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.


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