UNISON urges action on the payday loan rip off

UNISON is calling for action to clamp down on payday lenders, who are exploiting low paid workers.

Speaking at Taking on the Payday Lenders, a conference supported by UNISON in Manchester on Friday, policy officer David Arnold said that the “ruthless” exploitation of low-paid workers needed to stop and that the cost payday lenders can charge needs to be capped. At the moment payday lenders can charge interest rates of thousands of per cent.

UNISON also wants to stop payday lenders giving loans to people who can’t afford them, stop irresponsible advertising and prevent lenders raiding borrowers’ bank accounts.

The conference, which was organised by the Centre for Responsible Credit, also heard about how credit unions can be an alternative to payday lending. Over 40 credit unions have now signed up to UNISON’s credit union network.

 

 

High street banks and building societies do not always cater for people on lower incomes. If you are looking to take out a loan or want to look at saving for a holiday, Christmas or the longer term then UNISON’s growing network of credit unions may be able to help.

 

To find out whether this service is for you please contact thereforyou@unison.co.uk or call UNISONdirect on 0845 355 0845.