Tuesday, 26 February 2008

Stop the Payday Lending Scandal - Sign our Petition

Payday lending is growing exponentially in the UK.

U.S lenders, such as Dollar financial, have exported their business to the UK (trading here as 'Moneyshop') and now have over 200 stores in the UK. Pay day loans carry APR's of up to 1,000% and are regularly rolled over ensuring that households in financial problems are trapped into a cycle of credit dependency. Although the US pay day lending industry is subject to interest rate restrictions in their own country (including a 36% APR cap on pay day loans made to US military personnel), no such restriction on interest rates is in place in the UK.

Debt on our Doorstep have now launched a petition on the Number 10 Website calling on the Prime Minister to ensure an investigation is conducted into the UK pay day lending industry. Debt on our Doorstep is also calling on the Prime Minister to reconsider its previous decision not to introduce interest rate ceilings in the U.K.

You can sign the petition here http://petitions.pm.gov.uk/Payday-lending/

The petition closes on 27th March 2008.. Please e-mail your friends and ask them to sign up.

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