A Labour MP has called on the Government to commit to firm statutory regulation for payday loan companies after being made aware of one agreement where the APR was a staggering 7,200,000%.
Ann McKechin, Labour MP for Glasgow North, made the call in the House of Commons on Thursday in a Parliamentary exchange with business minister Jo Swinson.
McKechin said: “Scotcash, which represents many vulnerable families in Glasgow, has brought to my attention a payday loan agreement in which the APR...
