UEL sends in ‘Canadian Mounties’ in Money Shop demo on payday loans
- Credit: Archant
Campaigners deployed their own ‘Canadian ‘Mounties’ to hand out maple-flavoured sweets to shoppers in demonstrations outside branches of a pay-day loan company in east London today.
They used Canada Day to call on The Money Shop to “raise its standards” in line with its franchises in Canada.
It was part of a campaign by students from the University of East London and the London Citizens civic organisation supporting moves to tighten regulations on payday lending.
“I took out a payday loan while waiting for my student loan,” said campaigner Natalie Downs, a former Money Shop customer. “But no-one advised me of the interest I would incur if I didn’t pay this back on time.
“It was all too easy to rollover the loan and very soon £400 became £900.”
The ‘Mounties’ turned up outside Money Shop’s branches in East Ham (pictured), Bethnal Green, Brixton and the company’s Nottingham headquarters where they handed in 1,000 signed letters explaining what they think needs to change.
Campaign leader Luke Goss said: “Canada Day is the perfect opportunity to see The Money Shop take the initiative and bring its Code of Best Business Practice they use in Canada to their UK operations.”
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The campaigners want the practices of rolling over loans and sale of multiple loans to be stopped and to display information on free debt counselling in all branches.