House of Commons
As this motion is using historical data, we may not have the record of the original ordering, in which case signatories are listed alphabetically.
2,356 PER CENT. PAYDAY LOANS CAMPAIGN
EDM #1194
Tabled 29 March 2010
2009-10 Session
That this House notes that, despite irresponsible sub-prime lending and inappropriate borrowing precipitating the liquidity crisis and subsequent recession, sub-prime lenders are currently advertising money within the hour that is described as fast and flexible, with excessive typical annual percentage rates of 2,356 per cent. in the case of QuickQuid and 2,689 per cent. in the case of Wonga; believes that television advertising of such extremely expensive credit represents the migration of loan-shark style lending from the doorstep to the computer desktop; further believes that lending of this kind can prove both socially and financially irresponsible and that the Government and appropriate regulatory authorities should insist on the application of the regulatory principle of fair treatment of consumers which currently applies to savings and investments in the UK to sub-prime lending products to protect vulnerable consumers; and further believes that in the interim the Government should cap interest rates on sub-prime personal lending products and encourage the conditions for and promote the benefits of the establishment of social enterprises, such as credit unions, to create an alternative for consumers in need to turn to.

Signatures (31)

The first 6 Members who have signed to support the motion are the sponsors. The primary sponsor is generally the person who tabled the motion and has responsibility for it. The date shown is when the Member signed the motion.
In addition to the sponsors, the following Members have signed to support the motion.
There are no withdrawn signatures for this Motion