Credit union director urges payday loan rate cap
Article from BBC News:

Martin Treadgold thinks that the UK should have a cap on APR rates like many European countries

The director of a West Midlands credit union has called on the government to cap the maximum interest rate levied by high-cost credit providers.

Martin Treadgold, from the 6 Towns Credit Union in West Bromwich, said some of the rates were “unethical”.

His comments come after the Office of Fair Trading (OFT) announced a new investigation into the practices of payday loan lenders.

A similar OFT probe in 2010 concluded that they provided a “useful service”.

“What I’d like to see is rates capped at a reasonable level in line with many of the other European countries,” said Mr Treadgold.

“Frankly 4,000 odd per cent [interest] isn’t reasonable, isn’t necessary and isn’t ethical.”

European rate cap

John Lamidey, chief executive of the Consumer Finance Association, said that headline…………………continues on BBC News
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