APR on payday loan ‘staggering 7,200,000%’, warns MP

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Published by 24publishing for 24dash.com in Housing and also in Central Government, Communities, Finance

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...

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