Tag Archives: Advice NI

Beggs calls for a cap to be placed on interest levels on pay day loans

Ulster Unionist MLA, Roy Beggs has called for a cap to be placed on the level of interest which payday loan companies can charge. Speaking after the launch of NICVA and Advice NI’s “ Expensive Lending in Northern Ireland” discussion paper, Roy said: “From first-hand experience of people attending my constituency surgeries in East Antrim, I am aware of and extremely concerned by the growing number of people taking out high interest loans from pay day loan companies or, worse, illegal money lenders.’ “I would firstly like to see increased resources for the advice sector which would bolster their ability to provide debt advice. In the longer term I think we need to see a cap placed on the level of interest which payday loans companies can charge. Currently, loans which come with an extremely high level of interest may only be a short term fix for people who have … Continue reading

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