Call to get tougher with payday lenders

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STELLA Creasy, the Labour MP for Walthamstow, who has been a long-standing critic of payday loan firms, said she was disappointed that the Government had supported a policy of self-regulation for the industry.

She said yesterday: “Anyone who has seen the way these companies are targeting UK consumers will know that asking them to police themselves is like Red Riding Hood asking the wolf to babysit Grandma. We know self regulation is of limited value in an industry with so many different companies and growing so rapidly.”

Ms Creasy said one in three payday loans were being taken out to pay off other payday loans.