ACCESS TO AFFORDABLE CREDIT

Early day motion 1280A1, tabled 29 April 2008 by John Heppell (Labour). Signed by 11 members.

leave out from `credit;' to end and add `notes that credit unions and legally regulated lenders are preferable to the vulnerable being forced into the hands of illegal loan sharks; further notes that The Money Shop has a strong track record in compliance and is regulated by the Office of Fair Trading, and that no stores have products with a 1,000 per cent. interest rate; further notes that it is disingenous to compare pay day advances with annual percentage rates (APRs) as they are not designed to be annual loans and are repaid over 30 days; further notes that their pay day advances are cheaper than an unauthorised bank overdraft; understands that they provide financial access for customers who are often excluded by traditional banks and in many communities where banks have withdrawn their services altogether; further notes that the credit they offer is balanced against ability to pay; welcomes the clear explanations of repayment costs which are provided in-store; and further welcomes the work they do with Government agencies in the fight against ID fraud and other crime.'.

Signatures by party: Labour 10, Conservative 1.