Measures will be a 'Green Light' for Payday loan companies
Sarah Champion, Member of Parliament for Rotherham, spoke out in parliament yesterday against new government measures which would make it easier for more payday loans companies to enter the high street. The proposals pave the way for this type of business to take over more shops in our communities, by stripping away the powers of local people and local authorities to oppose them. ÔÇ£The changes the Government are planning could almost be seen as a ÔÇÿgreen lightÔÇÖ for the expansion of payday lending on the high streetÔÇØ said Sarah.┬á This type of loan ÔÇ£appears to be a quick fix for temporary financial problems, but sadly often becomes an extremely expensive burden on the people who can ill afford extortionate repaymentsÔÇØ said Sarah, who also recently signed the ÔÇÿCharter to Stop the Payday Loan Rip-OffÔÇÖ.
Rather than allowing a ÔÇ£free-for-allÔÇØ, Sarah spoke in favour of granting local people the power to shape their town centres, in conjunction with local businesses and others. Doing so would ensure that communities could be ÔÇ£better able to encourage more responsible lenders, such as credit unions, to gain a foothold in this marketÔÇØ.