Submitted on Wednesday 24th October 2012
Published on Thursday 25th October 2012
Current status: Closed
Closed: Friday 25th October 2013
Signatures: 112
Change The Rules To Pay Day Loans - Legal Shark Loans!
These rule changes I purpose:
Set APR on all Pay Day Loan Companies (Preferably something lower than 4214% and 1734%)
A lower fixed interest rate (Again, preferably something lower than 360% and 325% pa)
A cap on all Pay Day Loans, for example, a customer is only allowed to borrow up to £300, nothing more, no matter how many times the customer has used the company.
Better credit checks to see if a customer already has a Pay Day Loan with another company.
A ban on all advertising. Adverts on Twitter, Google, Facebook, Magazines, Newspapers and TV Adverts
More awareness of the consequences of these loans. Educate people.
http://amiiiiiiiiii.wordpress.com/2012/10/24/time-to-take-a-stand/
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