McClymont backs lender regulation

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MP Gregg McClymont has backed a new initiative to regulate payday money lenders.

The MP spoke out in favour of Labour’s High Cost of Credit Bill which would place restrictions on advertising and cap astronomical interest rates.

Speaking in the House of Commons, McClymont urged the coalition to support the bill to protect vulnerable constituents from “predatory capitalism”.

Gregg said: “Payday money lenders are making millions from extortionate loans to some of the most vulnerable in our society.

“I want to see lenders properly regulated and put a stop to their worst rip-off practices and misleading advertising.”

Ian Eadie, manager of Cumbernauld Citizens Advice Bureau, added: “There are alternatives to these rip-off companies.

“I would encourage people to join their local credit union to take advantage of better rates and more responsible lending.”

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