4000%: Are payday loans ever in the consumer interest?
15thSeptember2013
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.
Co-hosted with Consumer Finance Association.
Speakers:
Stephen Knight AM, Liberal Democrat London Assembly Member (Chair)
Jo Swinson MP, Minister for Employment Relations and Consumer Affairs
Rebecca Taylor MEP, Member of the European Parliament for Yorkshire and the Humber
Joanna Elson, Chief Executive, Money Advice Trust
Russell Hamblin-Boone, Director, Consumer Finance Association