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28 février 2013

University of East London bans payday loan ads on campus

The Guardian homeBy Hilary Osborne. UEL says it wants to prevent students becoming 'financially destitute or desperate' through taking on high-interest debt. The University of East London has become the first UK university to announce a ban on payday loan adverts on campus.

The news comes as data from debt advice charity StepChange showed a big increase in the number of under-25s falling into debt with payday lenders, and reflects a growing concern about the availability of short-term, high-cost loans. Some of the loans on offer charge huge interest rates, sometimes many thousands of per cent APR. Although lenders say quoting an interest rate in annual terms is not a fair reflection of the cost, customers who roll over debts or take on new ones to cover existing loans can quickly see their debts grow. Read more...
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