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Act Now to End Legal Loan Sharking

We're backing MP Stella Creasy's fight for a cap on the total cost of credit.

Business for payday and doorstep lenders is booming as banks and other mainstream lenders turn their backs on customers with poor credit.

Britain is one of the few countries left with no restriction on the interest rates and fees that lenders can apply - 300% to 400% a year is typicalm which is more than ten times the cost of mainstream credit.

We're demanding urgent action by Christmas to cap how much they can charge, before thousands more borrowers end up in deep financial trouble, facing spiraling debt, bankruptcy and even homelessness.

A recent survey found almost three-quarters of people support a cap on the cost of loans but the Government is refusing to even discuss the idea.

If 100,000 sign our petition, we can force a debate in the House of Commons.

Stella Creasy, Labour MP for Walthamstow, east London, said: "Two in every five people struggling with debt say their financial problems are as a result of this kind of lending.

"Christmas is around the corner and the Government has to act before more families get into problems.

"We are not saying end payday lending. We are saying regulate it.

"Consumer minister Ed Davey has refused to meet me about this. I have no way to hold him to account unless we can get this debate."

Britain's high-cost loan market has quadrupled since the credit crunch. By 2008, the industry was already worth £7.5bn and the last resort for up to 10 million people.

Payday loans are designed to provide a short-term solution to people short of cash but nearly one in three of them end up being rolled over, on average two times each.

The Office of Fair Trading says there isn't enough competition and found "some suppliers charging higher prices than would be expected".

A recent online poll of 2,000 people for PR Week found that 59% believed payday lenders were unethical and 73% of people supported a cap on the total cost of credit.

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