Labour plans payday loan providers levy to finance credit that is low-cost

Labour plans payday loan providers levy to finance credit that is low-cost

Labour has pledged to impose a levy in the earnings of payday lenders to simply help support lending that is lower-cost credit unions and improve cash advice solutions.

Shadow company minister Stella Creasy told the BBC it absolutely was “payback payday loans Michigan time for these payday loan providers”.

Payday loan providers say they offer a valuable solution to their clients.

But Ms Creasy, whom became Labour’s shadow customer and competition minister within the reshuffle that is recent stated: “some of those organizations are building a million pounds per week. (more…)

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