McAteer welcomes new cap on payday loan charges

Posted by
info@newrytimes.com
Wednesday, January 14th, 2015
Community, Politics
SDLP Councillor for Newry, Mourne & Down Kevin McAteer has welcomed the introduction of a cap on charges associated with payday loans which came into effect in the New Year.

Councillor Kevin McAteer

He told Newry Times, “Pay Day Loan companies continue to take advantage of the poor and the most vulnerable. They exploit the difficulties facing the unemployed and the underpaid by offering them short term financial relief while handcuffing them to huge interest rates. “The SDLP has long argued for greater regulation of these companies and I’m now glad that their rates will be capped at 0.8% per day of the amount borrowed. Furthermore, I’m pleased that under new regulations, no-one will be forced to pay back more than twice the amount they borrowed. “The SDLP has been unrelenting in our pursuit of these legal loan sharks. From the Assembly to Westminster we have supported every attempt to cap and control predatory lending practices. “In particular, my party colleague Mark Durkan MP has been a fierce advocate of greater protection for ordinary people against pay day lenders and has proposed robust amendments to Westminster legislation to that end. “There are other forms of credit available to people who find themselves in financial difficulties. I would encourage anyone who is struggling to speak to their local credit union to explore the options open to them with modest interest rates before turning toward pay day loan companies. “More action is needed if we are to clamp down on excessive charges and irresponsible lending, and make sure that borrowers are being treated fairly whatever form of credit they are using. The SDLP will continue to press for higher standards and greater protections for the least well off.”

Would you like to advertise your business on Newry Times and reach thousands of people every day? Contact the Newry Times office on 028 4062 6520 or email Paul: editor@newrytimes.com

Both comments and pings are currently closed.

Comments are closed

-->

This website does not share personal information with third parties nor do we store any information about your visit other than to analyze and optimize your content and reading experience through the use of cookies. You can turn off the use of cookies at anytime by changing your specific browser settings.

We are not responsible for republished content from this blog on other blogs or websites without our permission. This privacy policy is subject to change without notice and was last updated on 16/01/2017. If you have any questions feel free to contact Newry Times by emailing editor@newrytimes.com

Log in