Adverts for payday loans are banned on bus shelters and billboards

06 August 2013 - Which Way To Pay

    



Payday loan website adverts banned on billboards in Plymouth

It was revealed last week that adverts for payday loan websites are to be banned on bus shelters and billboards in Plymouth. Access to the 50 most popular websites would be blocked on its network, including on library and community centre machines, the council said. Plymouth is the first local authority in the country to do this. Plymouth council want to make it as difficult as possible for payday loan companies to operate in Plymouth and will do the best to protect their residents.

What is a payday loan?

Payday loans are short term loans at high interest rates. The industry is said to be worth £2 billion annually in the UK. The council said it estimated there were about 5,000 people with such loans in the city. Chris Penberthy, community development council cabinet member, said the move was being made because city advice agencies were “taking calls daily from people who are running up huge debts that are causing stress and hardship to them and their families”.

Payday loan companies to have difficulty operating in Plymouth

He added “we need to protect people and make it difficult for payday loan companies to operate in our city”. Steve Meakin, money advice co-ordinator for Citizens Advice in Devon and Cornwall, said “it’s difficult to overestimate the harm payday loans are causing to Plymouth residents. The Citizens Advice bureau is seeing an ever increasing epidemic of despair caused by these unscrupulous merchants of misery. Plymouth city council’s initiative is really welcome and represents a constructive step in combating the unacceptable face of the financial services industry.”

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