Tuesday, 3 September 2013

Cornwall Council takes action against payday loan companies

Cornwall Council is taking action to stop the promotion of payday loan companies after an announcement at today's full council meeting.

Leader John Pollard announced that we would stop allowing advertising of high interest loan companies in bus shelters owned by the council and that we would write to bus companies, other bus shelter owners and the owners of billboards in Cornwall to ask them to do likewise.

We also recognise that people use Cornwall Council owned computers to access the sites of such companies. We will take action to block such sites from staff computers and also investigate if we can do the same for our public access computers in libraries.

Instead, we will promote the credit union which offers a lower cost borrowing facility.

I don't like being over-regulatory. But I think that high interest 'payday' loans can be very damaging to individuals and their families and that we should be seeking to promote local lower cost solutions instead. I've had a number of conversations with colleagues at Plymouth City Council who have done this already and I think their work is worth copying.

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