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Privatising the fight against payday lenders?

Written by Ashwin Rattan Thursday, 14 February 2013 17:36
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This is Money report:

 

The fight is being taken to payday lenders by an IT repair firm in the north-east which is offering its staff an advance on their salary so they don't resort to expensive short-term loans.

 

Disgusted by payday lenders' astronomical interest rates and high-profile advertising campaigns, Centrex Services founder Mike Heslop has taken action to ensure his workers avoid taking drastic steps if they find themselves short.

 

To read the whole story goto:

 

http://www.thisismoney.co.uk/money/cardsloans/article-2278172/Firm-takes-fight-payday-lenders-offering-free-wage-advances-struggling-staff.html

 

Carl Packman, author of Loan Sharks comments:

 

While the action taken by Mike Heslop is extremely praiseworthy it shouldn't be the responsibility of small business people to ensure their staff have access to fair credit.

 

We need for the government to place a cap on the amount payday lenders can charge for a loan and for there to be an investigation into why banks are not lending to people whose wages do not take them through to the end of the month.

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