Church calls want tougher regulation for payday lenders

Presbyterian Church of WalesThe Presbyterian Church of Wales has called for Government action on payday lenders. It wants the United Kingdom Government to ensure payday lenders such as Wonga are strictly regulated. The loans are taken out by people who need a cash injection to tide them over until the end of the month but they often come with extremely high interest rates. It's concerned that the poor state of the UK economy is driving more people to take out payday loans. It also said that some banks and lenders are acting "inscrupulously" by refusing to lend to individuals and small businesses at reasonable rates. It also criticised the use of emotive adverts encouraging people to take out loans at certain times, such as Christmas.

Presbyterian Church of Wales

Presbyterian Church of Wales has written to the Office of Fair Trading requesting that it reconsider its decision not to cap the interest rate. It is encouraging member churches to offer practical help such as that provided by Noddfa Church, in Caernarfon, which is teaching locals how to budget and manage their finances

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