Payday lenders warning renewed

Islington Council has joined forces with the Credit Union and the Islington Advice Alliance in the ongoing battle against payday lenders.

Legal loan sharks are responsible for misery at this time of year when lending to cover residents' Christmas spending debts at crazy repayment terms - with interest rates reaching up to 292%.

Commuters using Caledonian Road Station, N7, were greeted by debt advice officers warning of the pitfalls of using a payday lender.  

A more affordable alternative was promoted via affordable loans available from the Credit Union - ideal for those who find it difficult to get conventional credit.

Cllr Andy Hull, Islington council's executive member for finance and performance said:

"Sharkstoppers campaigners in Islington and elsewhere have won a national cap on the cost of credit, now in force, but we're still out there urging people not to get bitten by payday lenders and to join their local credit union instead."

Ruth Hayes, Director of Islington Law Centre and part of the payday lenders outreach team said:

"Islington residents can access free, independent help in dealing with any debts via the Islington Advice Alliance and the Credit Union can help make sure their money stretches as far as possible."

Over 500 free Oyster Card wallets bearing the striking image of a shark with the strapline 'Don't fall prey to a payday lender' were handed out together with the contact details for The Credit Union and the Islington Advice Line.

The promotion was part of an ongoing campaign to help residents with money worries and debt advice. 

Outreach events over the last year have involved a number of organisation who are part of the Payday Lenders Working Group which includes Islington Law Centre, Islington People's Rights, Citizens Advice Bureau, Multiple Debt Team, Credit Union, Trading Standards and other council services.

Previous payday lenders warnings have been given out at Archway, Finsbury Park, Highbury & Islington and Holloway Road Stations.