Haslingden MP backs petition to limit short term loans

One MP for Hyndburn and Haslingden has recently backed a new online petition to limit the ability for payday advance providers to offer quick loans to its customers during the Christmas season, calling these lenders ‘legal loan sharks’ preying on cash-strapped consumers.

MP Graham Jones has high hopes that governmental intervention will be able to place limitations on the short term loans industry in time for the festive season by launching an online petition, ostensibly to protect the members of his constituency.  In a statement given after the launch of the petition, Mr Jones remarked that  Hyndburn and Haslingden residents will most likely be facing increased financial pressures with Christmas approaching, and he has concerns that they will be turning to short term loans in order to make ends meet during the festive season.

Stating his determination to protect his constituents from being exploited by what he referred to as the ‘high-cost credit’ industry, the MP is calling on the Government to institute credit cost caps before the festive season reaches full swing, calling on people in Hyndburn and Haslingden to join him in signing his online petition.

Mr Jones expressed his displeasure on the ability of home credit providers and payday lenders to charge whatever they like for credit, which he says can often lead to serious financial issues for their customers.  The Haslingden MP’s petition is calling for similar consumer protection as it exists in North America and Europe, with caps imposed on lenders regarding the amount they are permitted to charge for credit, and Mr Jones called for concerned residents in Hyndburn and Haslingden to join him in signing the petition.

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