Search

Students urge Newham council to ban payday loan adverts

13:07 17 February 2014

Students from the University of East London and TELCO representatives presenting a petition of 1000 signatures calling on Newham council to ban adeverts for payday loans in the borough to Cllr Conor McAuley.

Students from the University of East London and TELCO representatives presenting a petition of 1000 signatures calling on Newham council to ban adeverts for payday loans in the borough to Cllr Conor McAuley.

Archant

Payday loan advertising should be banned in Newham, according to students from the University of East London.

Students want the university’s campus-wide ban on payday loan adverts to be extended throughout the borough and presented a petition of 1,000 signatures to Newham Council in conjunction with members of The East London Communities Organisation (TELCO) on Friday.

Their call comes as research shows that one in 10 of UEL students have taken out payday loans to finance their way through their studies.

Politics lecturer Tim Hall, who has led the campaign, says the council needs to reduce exposure to “preditatory lending”.

“The responses to our questionnaires show very few people had heard of alternatives to payday loans, with just four pc having heard of credit unions, whereas everybody had heard of Wonga, Quid Quick and others,” he said. “The advertisements are ubiquitous - on bill boards, the DLR, the tubes and trains.

“Plymouth Council banned the advertisements last year and we are asking Newham to follow suit.”

Dr Hall said the response from the council has been positive.

“The idea is that looking forward we can work with the council on how to combat the problem,” he said.

Emmanuel Gotoa, lead organiser of TELCO , said: “We are trying to limit what is often a preditatory process of lending as companies have been known to lend money to people who are already in financial trouble without checks to make sure that people can pay the money back.

“By reducing advertising in public places, we are helping to protect the most vulnerable in our society.”

Payday loans typically have an APR of between 1000 and 6000 pc, meaning borrowing £100 could land you with an final bill of £6,000 over 12 months.

0 comments

Latest News Stories

46 minutes ago
Stickers claiming voting was against Islamic teachings have been put up around Manor Park

Stickers placed on lamp posts warning Muslims not to vote in the upcoming election have been condemned for copying “evil” Islamic State teachings.

United Kingdom
14:23
Ashley Latty was murdered at a party in Dagenham in May 2014

A thug from Manor Park has been jailed for six years following the murder of Ashley Latty.

A plaque was unveiled to honour First World War Naval Officer George Drewry at the cenotaph in Central Park in East Ham

One hundred years ago on Saturday a wounded Forest Gate man risked his own life to save others during the infamous Gallipoli landings.

Newham council
27 minutes ago
St James's Church of England Junior School hosted a St George's Day afternoon tea.

A Forest Gate school hosted a St George’s Day event last week to tie in with lessons it has been delivering about British values.

Most read news

Competitions

Two phones. Same phone case. Genius.

To celebrate the launch of the first luxury dual phone case, PearPeel, we are giving away two of the black leather Rocha cases, perfect for holding two iPhone 6 handsets.

Read more
Spruce up for spring with this beauty bundle from Justmylook!

Looking to update your look for spring? Well, you’re in luck.

Read more

Digital Edition

Image
Read the Newham Recorder e-edition today E-edition
Family Notices 24


Our trusted business finder