‘Cap on payday loan interest will curb irresponsible lenders’ – Bradley

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info@newrytimes.com
Friday, January 9th, 2015
Community, Politics
SDLP spokesperson for Finance, Dominic Bradley MLA, has welcomed the new cap on the cost of payday loans which came into effect in the New Year. Bradley insisted that the cap will help curb irresponsible lending. He said: “Introducing a cap of 0.8% to interest rates and a guarantee that no-one will have to pay back more than twice the amount they borrowed, are welcome steps to curb the irresponsible and destructive practices of payday loan companies. “Such companies prey on the most vulnerable, primarily those under serious financial strain and those misinformed about finance or unaware of the consequences of unsustainable borrowing. “All other financial services are regulated and yet these companies have opposed all campaign efforts to introduce control and have claimed to be working in the best interests of their customers. “The government has also conceded that the new Financial Conduct Authority could be responsible for regulating payday loan companies. Bradley added, “I appeal to the London Government to continue to intervene in the reckless practices of payday companies and other irresponsible lenders and defend those most at risk of falling into fiscal difficulty.”

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