East Lancashire MEP in pay day loans plea

EUROPEAN Parliamentarian Paul Nuttall has written to East Lancashire’s MPs urging them to take urgent action over pay day loans.

The UKIP MEP said:“I feel really strongly about these loans and the iniquitous rate of interest charged for them.

"They may be short term but they are high cost and can result in alarming interest rates of more than 1,500per cent.

“If people are considering such a loan I earnestly urge them to read the small print very carefully first and not make a hasty decision.

“These loans snare people into cycles of debt and however desperate they are now, their situation will only worsen with more debts they cannot pay.”

He has now taken his campaign against these pay day loans to another level by writing to every MP in the North West enlisting their support for compulsory regulation.

Comments (6)

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12:11pm Fri 8 Feb 13

woolywords says...

With interest rates of a whopping two thousand, two hundred and twenty five per cent(2225%), you have need of a decent bank to take up this offer or in serious need of your bumps being felt.
And yet, illegal loan sharks, charge a lot less. It makes you wonder, doesn't it. Them folks in Burnleh, with their bank of Dave, are on a winner here, with just five per cent(5%). Say what you like about fingers and toes, they are good at doing sums.

Welcome to Blackburn, home to pound shops, pawn and **** shops, betting shops, shisha dens, kebab or pizza shops. Where slobbering and drunken fools, aggressive beggars, with the prospect of a deviant sexual predator taxi drivers are here, to complete your shopping experience.
It's like being abroad, without the bother of actually leaving the country.
(don't bother with the critique of my facts, just your Asian neighbours, how often do they use a taxi. enough said.)
Blackburn, where facts and figures are, meddled and muddled, faffed and faddled with, to make it, a lovely place.
With interest rates of a whopping two thousand, two hundred and twenty five per cent(2225%), you have need of a decent bank to take up this offer or in serious need of your bumps being felt. And yet, illegal loan sharks, charge a lot less. It makes you wonder, doesn't it. Them folks in Burnleh, with their bank of Dave, are on a winner here, with just five per cent(5%). Say what you like about fingers and toes, they are good at doing sums. Welcome to Blackburn, home to pound shops, pawn and **** shops, betting shops, shisha dens, kebab or pizza shops. Where slobbering and drunken fools, aggressive beggars, with the prospect of a deviant sexual predator taxi drivers are here, to complete your shopping experience. It's like being abroad, without the bother of actually leaving the country. (don't bother with the critique of my facts, just your Asian neighbours, how often do they use a taxi. enough said.) Blackburn, where facts and figures are, meddled and muddled, faffed and faddled with, to make it, a lovely place. woolywords

2:02pm Fri 8 Feb 13

2 for 5p says...

LOOK

Yes intrest rates are 1000% or 2000% whatever, these chumps know exactlywhat the intrest is when they take out the loan.
They are very quick to take the cash then they own about the repayment.
If you can't do the repayment don't take the loan.
LOOK Yes intrest rates are 1000% or 2000% whatever, these chumps know exactlywhat the intrest is when they take out the loan. They are very quick to take the cash then they own about the repayment. If you can't do the repayment don't take the loan. 2 for 5p

5:01pm Fri 8 Feb 13

Real Lancs Assembly says...

He talks a lot of sense Paul Nuttall hes one of the few politicians ive got any time for.
He talks a lot of sense Paul Nuttall hes one of the few politicians ive got any time for. Real Lancs Assembly

8:11pm Fri 8 Feb 13

Excluded again says...

Just check out your local Credit Union. Interest rates are limited to a maximum of 12.68% by law. And they are community owned, so any profits made go back to the community served by the Credit Union.

Unless you feel that you must donate more of your hard earned money to the fat cats in the City of London. In which case, use a payday loan company.
Just check out your local Credit Union. Interest rates are limited to a maximum of 12.68% by law. And they are community owned, so any profits made go back to the community served by the Credit Union. Unless you feel that you must donate more of your hard earned money to the fat cats in the City of London. In which case, use a payday loan company. Excluded again

8:28pm Fri 8 Feb 13

2 for 5p says...

Excluded again wrote:
Just check out your local Credit Union. Interest rates are limited to a maximum of 12.68% by law. And they are community owned, so any profits made go back to the community served by the Credit Union.

Unless you feel that you must donate more of your hard earned money to the fat cats in the City of London. In which case, use a payday loan company.
has I've said before you need to have a saving history to use these places.
The people who use payday loan haven't saved a penny in there life,
come to think of they haven't probobly worked a day in here life.
and I can't see credit unions lending money for the purchase of fags r booze .
[quote][p][bold]Excluded again[/bold] wrote: Just check out your local Credit Union. Interest rates are limited to a maximum of 12.68% by law. And they are community owned, so any profits made go back to the community served by the Credit Union. Unless you feel that you must donate more of your hard earned money to the fat cats in the City of London. In which case, use a payday loan company.[/p][/quote]has I've said before you need to have a saving history to use these places. The people who use payday loan haven't saved a penny in there life, come to think of they haven't probobly worked a day in here life. and I can't see credit unions lending money for the purchase of fags r booze . 2 for 5p

11:39pm Fri 8 Feb 13

Chris P Bacon says...

2 for 5p wrote:
Excluded again wrote:
Just check out your local Credit Union. Interest rates are limited to a maximum of 12.68% by law. And they are community owned, so any profits made go back to the community served by the Credit Union.

Unless you feel that you must donate more of your hard earned money to the fat cats in the City of London. In which case, use a payday loan company.
has I've said before you need to have a saving history to use these places.
The people who use payday loan haven't saved a penny in there life,
come to think of they haven't probobly worked a day in here life.
and I can't see credit unions lending money for the purchase of fags r booze .
Do you know, I think 2 for 5p should be our Prime Minister, if not our Prince Regal. He is a veritable Prince amongst men.
[quote][p][bold]2 for 5p[/bold] wrote: [quote][p][bold]Excluded again[/bold] wrote: Just check out your local Credit Union. Interest rates are limited to a maximum of 12.68% by law. And they are community owned, so any profits made go back to the community served by the Credit Union. Unless you feel that you must donate more of your hard earned money to the fat cats in the City of London. In which case, use a payday loan company.[/p][/quote]has I've said before you need to have a saving history to use these places. The people who use payday loan haven't saved a penny in there life, come to think of they haven't probobly worked a day in here life. and I can't see credit unions lending money for the purchase of fags r booze .[/p][/quote]Do you know, I think 2 for 5p should be our Prime Minister, if not our Prince Regal. He is a veritable Prince amongst men. Chris P Bacon

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