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East Lancashire MEP in pay day loans plea
9:22am Friday 8th February 2013 in News
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.