Action To Cap Payday Loans
EDM number 276 in 2013-14, proposed by George Galloway on 18/06/2013.
Categorised under the topics of Financial services and Loans.
That this House believes that the Government has backtracked on a commitment to cap payday loans; notes that in November 2012 a capping amendment in the House of Lords was withdrawn by the proposers on the urging of the Government following an assurance that a more comprehensive one would be introduced; further believes that legal loan sharks like Wonga who can charge thousands of percent interest are profiting on poverty; and demands that the Government lives up to its commitment and caps payday loan interest rates and bans the companies advertising their iniquitous schemes.
This motion has been signed by a total of 23 MPs.
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