2356percent

Let's STOP 'payday' loans with typical APRs like 2,356%

2356percent campaign welcomes Wonga.com's invitation to meet over 'payday' loans

Representatives of the 2356percent campaign and Wonga.com plan to meet to discuss the issues surrounding short-term 'payday' loans, following an invitation from the lender yesterday.

Campaign organiser, Ian Thomas, has welcomed Wonga's move. He said: "This is a welcome opportunity to understand more about Wonga's business and how this influences the offering of short-term loans which our campaign considers to be expensive and unfair to consumers. At the same time, it provides us with an opportunity to explain how our campaign came about and what its long-term ambitions are."

He added: "I expect the conversation to be constructive and worthwhile for both sides of this debate. Wonga is under no obligation to meet with the campaign and the fact that it is willing to do so is very positive. It suggests that it is a business that is willing to listen as well as take the time to explain why it considers itself to be a responsible lender."

More than 350 supporters have joined the campaign group at Facebook since it launched on 17 February 2010.
 
Since February, the campaign has attracted the support of Green Party leader and MEP Caroline Lucas, Liberal Democrat Jo Swinson MP, former Government Minister Stephen Twigg and North Lincolnshire Liberal Democrat Councillors Les Bonner and Steve Beasant.
 
Two weeks ago, Liberal Democrat MP for Leeds North West, Greg Mulholland, tabled an Early Day Motion (EDM) in the House of Commons urging MPs to back the campaign. The EDM had secured the support of 31 MPs before the dissolution of Parliament last week.

Green Party leader Caroline Lucas backs 'inspiring' 2356percent campaign

 

Green Party leader and MEP Caroline Lucas has delivered a boost to the 2356percent campaign for fair payday loan APRs by joining its Facebook Group.

Caroline said: 'This is an inspiring campaign for fair loan rates. Not only does it help highlight an issue about the alarming typical APRs being offered to vulnerable consumers, but it also indicates the need for the Government and regulatory authorities to ensure that all consumers in the UK are able to get a fair deal from financial services providers.'
 
'High-street banks and lenders have retreated from the so-called 'sub-prime' market in the wake of the liquidity crisis; the result is the appearance of new types of high-cost loan products for people who are the least able to afford them, but are left with no real choice and nowhere else to turn.'
 
Caroline, who is The Green Party's candidate in the Brighton Pavilion constituency at the forthcoming General Election, says her party has pledged to fight for a fair deal with community banks, credit unions and mutuals providing realistic loans to families and small and local businesses.

Caroline is among more than 320 supporters who have joined the campaign since its Facebook Group was launched on 17 February 2010.
 
Over the past seven weeks, the campaign has attracted the support of Jo Swinson MP, former Government Minister Stephen Twigg and North Lincolnshire Liberal Democrat Councillor Les Bonner.
 
Last week, Liberal Democrat MP for Leeds North West, Greg Mulholland, tabled an Early Day Motion (EDM) in the House of Commons urging MPs to back the campaign. The EDM now has the support of 25 MPs in Westminster.

Leading Lib Dem MP becomes first Parliamentary supporter of 2356percent's fair payday loan campaign

Liberal Democrat Shadow Foreign Affairs Minister, Jo Swinson MP, has become the first Member of Parliament to back the 2356percent Facebook campaign calling for fair payday loan APRs.

The East Dunbartonshire MP (pictured above) has joined more than 220 members of the campaign's Facebook group - launched just one month ago - who are concerned about the typical APRs being offered by short-term 'payday' lenders like Quickquid.co.uk (2,356%) and Wonga.com (2,689%).

Jo said: "Despite all the lessons that we should have learned from the liquidity crisis, it's alarming that potentially irresponsible lending and inappropriate borrowing continues to thrive. It is not simply an issue of the high cost of the loans in terms of money, but the high social and emotional costs upon relationships, families, homes and communities of either failing to manage any resulting debt or being drawn into a cycle of habitual borrowing.

"I understand that the Office of Fair Trading is expected to report on its review of the short-term sub-prime lending market soon. I wish the 2356percent campaign every success in seeking to influence the debate over the fairness of existing short-term lending practices and the need to create new ways for people on low incomes to borrow at a much lower cost and at less risk to their financial well-being."

Campaign organiser, Ian Thomas, said: "I'm sure every member of our campaign will be as delighted as I am that Jo has chosen to join the Facebook group. It's a huge boost to have the backing of such a significant public figure.

"It is support from people like Jo that is sustaining the momentum which we have begun to build thanks to the Facebook Group. It's a great way to enable lots of people - each individually alarmed by the cost of payday loans - to gather together and play their part in influencing the future shape of short-term lending in the UK."

To join in the Campaign simply follow the link and click 'Join Group' here: 2356percent at Facebook

Former Labour Government Minister backs 2356percent Facebook campaign

Former Minister of State for School Standards, Stephen Twigg, has backed the 2356percent Facebook campaign for fairer payday loan APRs.

Stephen, who is Labour's parliamentary candidate for Liverpool West Derby at this year's General Election, has joined members of the campaign group at the social networking site in order to lend his support to the campaign for fairer lending rates to cash-strapped consumers.

The two-week old campaign now has the support of more than 170 members at its Facebook Group

Facebook campaign group welcomes first elected representative - Councillor Les Bonner

We may be less than a week old, but the 2356percent campaign has already welcomed its first elected representative to the growing number of members of the campaign's Facebook Group.

Liberal Democrat councillor Les Bonner represents the Yarborough Ward on North East Lincolnshire Council. Cllr Bonner has a track record in campaigning against loan-sharking and - along with all our supporters - is a very welcome and significant supporter of our fledgling campaign.

Of course we would be delighted to hear from more Councillors, MPs, and national Parliamentary and Assembly members, who are concerned about unfair APR rates on payday loans. In fact, anyone wishing to support the campaign can do so by following us at Twitter or by joining our Facebook Group.