Gabalfa Lib Dems slam payday lenders

July 26, 2013 9:28 AM

North Road - Loans2Go premisesLiberal Democrats in Gabalfa ward have registered their concern about the rise of payday lending. The news comes at the same time that a new lender - "Loans2Go" is fitting out a new premises on North Road (pictured). The company specialise in so-called 'log book loans', offering an APR of over 350%.

Lib Dem AM for South Wales Central, Eluned Parrott, said: "I am very concerned to see these sorts of lenders moving into Gabalfa. While many people find money tight at the end of the month, promoting loans with huge interest rates is simply preying upon people's difficulties and making them worse. I would like to see regulation to prevent such excessive practices in the long-term."

Cllr. Ed Bridges and Eluned Parrott AM by Gabalfa Interchange

Eluned and Ed are urging Cardiff residents to make better use of our local credit union.

Local councillor, Ed Bridges, added: "I would strongly urge any local resident thinking of approaching these sorts of companies to instead look to our local credit union where they can find much more reasonable rates of interest. We have an exceptionally good credit union in Cardiff, and it is much better placed to help residents who need to access credit."

Cardiff Credit Union can be found online at www.cardiffcu.com - residents can also visit the credit union at Marland House (by Central Bus Station) or ring (029) 2087 2373.

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