Search

East London university students stage credit fair to tackle payday loans

09:55 25 February 2014

Students from the University of East London have organised a credit fair at their Docklands campus in response to the increasing use of payday loans.

The event, which is being run in conjunction with help from Movement for Change and London Citizens, will take place tomorrow as a group opt-in to membership of the credit union at a specially discounted rate.

Last year the university took the unprecedented step of banning advertising on the campus from payday lenders.

Troy Frazer, a student at the university, said: “I started using pay-day money lenders to cover the high costs of living in London, however this experience quickly spiralled out of control. This was because when I struggled to make the payments, I was advised by the pay-day money lenders to take out further loans to pay back the existing one. This has subsequently left me with no control over my financial position and also with a terrible credit rating. This has been made even worse by the constant harassment from the pay-day lenders.”

Robyn Pierce, one of the student leaders of the campaign, said: “The principal aim of the event is to introduce students to credit unions and our chosen partner London Community Credit Union (LCCU). LCCU is, in accordance with their common bond agreement, willing to take all UEL students, as well as university workers, into membership. Students at this institution and elsewhere are under increasing financial pressure and need to be able to access credit at fair rates.”

Campaigners who are fighting against predatory lending see this as the first step in a developing relationship with the Credit Union in which the opt-in to membership by university workers will cross-subsidise short term loans to students.

UEL recently delivered a 1000 signed petition to Newham Council to ban all payday loan advertising in the borough. The petition has now triggered a debate in Council chambers.

0 comments

Latest News Stories

Saturday, November 22, 2014
The Mayor of Newham, Sir Robin Wales (centre) with Cllrs Obaid Khan, left, and Unmesh Desai, and children from Community Links' after school club in Rokeby Street, Stratford.

The Mayor of Newham has pledged his support to the Newham Recorder and Community Links Christmas Toy Appeal, handing over a donation to some of the youngsters supported by the charity.

Robin
Friday, November 21, 2014
Egita Galvona has set up a sewing class workshop in Stratford

A clothes-making mum has set up her own sewing workshop to give others the freedom to create their own threads.

Newham College
Friday, November 21, 2014
The Scrabble Champions tournament is taking place at the ExCel

For many people, Scrabble is a game that only gets played with the family when you’re full of roast turkey and trimmings.

London
Friday, November 21, 2014
Recycling rates in Newham are the lowest in the capital

Recycling rates in Newham are the worst in the capital, according to new data released today by the London Assembly,

London

Most read news

The final GP in the UAE may not have been a thriller, but it did kind of sum up the season for a lot of drivers.

Protesters have been warned they are banned from setting up camp at the landmark.

John Cantlie features in the new IS video, in which he talks about a recent failed military attack.

From Britain First’s Facebook posts, you would assume they’d won the Rochester by-election. They didn’t, but they’re claiming it anyway.

Digital Edition

Image
Read the Newham Recorder e-edition today E-edition