Britain has no ceiling on the amount that lenders can charge for credit? This has led to the UK's poorest paying the highest price for credit in Europe and some lenders are charging the equivalent of 3000% APR. This is legal loan sharking and I was delighted to see that a coalition of activists, campaigners and others are joining calls for an end to legal loan sharking.
As the campaign website says: "Irresponsible high cost lending played a key role in causing the economic crisis. Investors are now using high cost lending as a means to make profit from the most vulnerable in our society. It's another case of ordinary people picking up the tab for the mistakes of bankers. Some payday lenders are charging £83 in interest and collection charges for every £100 borrowed. The OFT calculated that high cost lenders are making £16,000 per hour of 'excess' profit. This is unacceptable profiteering; to help us bring it to an end, join our campaign."
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