Complete ban on payday loan rollovers

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Complete ban on payday loan rollovers

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The payday loan industry is growing rapidly, and for too long too much emphasis has been placed on cost of credit being the decisive problem. The finance associations who represent the industry have moved to toughen up on its membership but have again failed to respond to the repeated calls to ban the ability to rollover a loan, thus allowing and contributing to spiralling debt issues. This issue has gone on for far too long. Taking on the industry piece by piece, this e-petition calls for the immediate banning on rollover payday loans and limiting the number of times a person can borrow in a specific time period, thus removing one of the fundamental damaging effects of this industry. This e-petition is not to be confused with calls to cap credit, or for all round regulation, but to concentrate efforts on one singular issue.

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