2356percent

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

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.

Step-by-step MP letter-writing campaign support published

The 2356percent campaign has published online step-by-step help for its supporters that explains how to write to their Member of Parliament and invite them to sign the Early Day Motion (EDM) tabled by Greg Mulholland MP on 29 March 2010.

The campaign is inviting Facebook Group members, Twitter followers and other supporters to write to their MP - via writetothem.com - to encourage more MPs to support the EDM which calls on on the Government and regulatory authorities to ensure borrowers are treated fairly by payday lenders.

Help for supporters has been published at 2356percent's Slideshare page and includes a brief presentation called 'How to write to your MP using writetothem.com' (above) and an example of text that supporters may choose to include in their correspondence with constituency MPs (below).

More than 300 members have now joined the campaign's Facebook Group which was launched on 17 February 2010.