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About the 2356percent campaign

The campaign was launched on 17 February 2010 at Facebook by Ian Thomas. The original post on this campaign blog explains why.

The campaign believes that: 

1. Borrowers of short-term credit in the UK deserve to be treated fairly.
2. Short-term loans with a typical APR of 2,000%+ do not represent a fair value for money.
3. Borrowers deserve the same level of regulatory protection as investors and savers.
4. Existing regulation of short-term lenders lets consumers down.

And we want:

1. The conduct of short-term lending businesses to be regulated by the Financial Services Authority.
2. Short-term lenders to conduct their business in a way that adheres to the FSA's principle which demands fair treatment of customers
3. To popularise different and new ways for consumers to borrow short-term cash and end unscrupulous lending

Campaign facts and figures

• The campaign is named after the typical APR rate advertised by payday Quickquid.co.uk in its TV advertising in February 2010
• There are currently 440+ members of the 2356percent Facebook Group
• Facebook Group members include Jo Swinson MP, Caroline Lucas MP and Stephen Twigg MP
• Greg Mulholland MP tabled an Early Day Motion in Parliament on 29 March 2010 inviting MPs to back the calls for change made by the 2356percent campaign
• The EDM gathered the support of 31 MPs