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 Newham News Stories

Yesterday, 16:05
Akhtar Javeed (Picture: West Midlands Police handout)

The daughter of an East Ham businessman shot dead by armed raiders in a “robbery that went wrong” has appealed to the public for help in finding her dad’s killers.

Birmingham
Yesterday, 19:00
American tycoon Donald Trump, who dominated Tuesday's primary            Picture: PA Images/Andrew Milligan

In the early 17th century, a cohort of determined Englishfolk crossed the Atlantic and built towns and villages on the east coast of North America.

United Kingdom
Yesterday, 14:49
London Mayoral candidates  (left to right) Caroline Pidgeon, Peter Whittle, Sadiq Khan, Sian Berry and Zac Goldsmith at TechDate at Here East in the Queen Elizabeth Olympic Park

London’s Mayoral candidates went head-to-head at a special technology debate at the Queen Elizabeth Olympic Park’s up-and-coming tech hub yesterday.

Elizabeth Olympic Park
Yesterday, 17:24
Aspers Casino, Stratford Westfield

Leading dealers from across the UK gathered at Aspers Casino in Westfield for the UK Dealer Championships.

United Kingdom

Most read news

HOT JOBS

Show Job Lists

Competitions

Sony Smart Ultra HD 55'' LED TV

Enjoy the ultimate entertainment experience in your living room with the Sony Smart Ultra 55’’ LED TV. Be the envy of all your friends with this huge TV- you can change your living room into your own cinema! Get the boys around to watch the football or get the girls around to watch the DVD of 50 Shades.. this is a prize that everyone would enjoy! Stand a chance to upgrade your current entertainment system by wining this fantastic prize.

Read more
Surface Pro 4

Technology is ever evolving. We are constantly being shown new technology that is innovative, revolutionary and designed to make life easier for us all. Gone are the days of dial up modems and computers so large you needed half a room to store it. We are in the age of smooth, small and sleek. Companies are all trying their best to create technology that is easy to transport and guaranteed to be user friendly.

Read more

Digital Edition

cover

Enjoy the
Newham Recorder
e-edition today

Subscribe