Payday Loans

Lord Mitchell Excerpts

Tuesday 10th January 2012 Lords Chamber

[Baroness Wilcox]

I do not have the answer to that question today, but I will certainly look into it, write to the noble Lord and put the answer in the Library.

[Lord Mitchell]

My Lords, over Christmas almost every bus in London was advertising wonga.com, which was going out of the way to encourage people to have these payday loans—loans that the firm itself was advertising at rates of 4,200 per cent per annum. Will the Government consider banning the advertising of these payday loans?

[Baroness Wilcox]

We are looking at all options, but we should always have in mind that it is difficult to take away from people the opportunity to have access to facilities that they need. One would therefore tread delicately in this area.