Reporting Back: Payday Loans

A number of constituents recently contacted me as part of a campaign to raise their concerns about payday lending. I promised that I would write to the Treasury to ensure my constituents got their views heard. I have since heard back from the Economic Secretary to the Treasury and I wanted to share the Minister’s response with you all as I know this is an area of concern for many constituents.

 

As you can see from the Minister’s response, the Government have introduced a cap on the cost of payday loans to ensure people never pay back more than twice the sum borrowed.

 

I hope you find the Minister's letter helpful in showing how proactively the Government is acting to help people avoid getting trapped in a cycle of debt.