Submitted on Sunday 9th October 2011
Published on Wednesday 19th October 2011
Current status: Closed
Closed: Friday 19th October 2012
Signatures: 15
Regulate Payday and other quick loan services
Quick loan companies are an area that exploits debtors with interest rates in excess of 2000%+ in most cases rising to over 4000%+. These legal loan sharks have little or no regulation and are able to offer loans in as little as 15 minutes without preforming adequate credit checks first. They ruthlessly encourage lending where some people get caught in a debt trap which can never be paid off. These companies should have a maximum interest cap placed on them and be subject to fair lending practices. There should be stricter controls on how they lend this cast to and to whom.
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