Labour candidate Suzy Stride shocked by number of pay day lenders in Harlow

Politics / Fri 8th Aug 2014 at 12:22pm

LABOUR’S parliamentary candidate for Harlow Suzy Stride this week highlighted the shocking national statistics that reveal that Harlow has the second highest ratio of pay lenders to residents in the country.

An investigation by the Bureau of Investigative Journalism earlier this Summer revealed that Harlow has the second highest density of pay-day lenders given its population. There are 6 payday loan stores with 82,000 residents in the town.

Visiting local Credit Union HarlowSave, Suzy Stride called on local residents and business’ to support the credit union. Suzy met with the board of Harlowsave to find out more about the organisation’s aims and the challenges they face.

HarlowSave was formed after four local credit unions merged in Harlow. It makes small loans to members using deposits, and is a safe alternative to payday lenders such as Wonga, which charges a staggering 4,214 per cent APR on its loans.

Savers at HarlowSave must put away a minimum of £5 a week if waged or £2 a week if unwaged. It also operates a junior savers club to encourage under 18s to build a nest egg.

Suzy Stride said: “The proliferation of payday lenders locally show are a shocking example on how people on low incomes can be forced into credit traps. Credit Unions are the line of defence against pay day lenders who are praying on people in Harlow. Part of having a healthy thriving community is ensuring that people are have healthy finances. Credit unions support people in making the right choices about their finances – as a community we need to get behind them.

Harlow SaveHarlow save is a great6example of local people coming together to combat pay day loan companies. It’s really important that local people in Harlow support HarlowSave, because the credit union needs good savers and borrowers. Harlow has the second highest ratio of pay day lenders in the country, with 6 stores in the town. A local cost of living crisis means that many people have turned to short term lenders and high cost credit to make ends meet. The financial burden in repaying inflated interest rates push some borrowers into extreme stress and depression as well as further financial hardship. HarlowSave is a fantastic way of stopping legal loan sharking”

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1 Comment for Labour candidate Suzy Stride shocked by number of pay day lenders in Harlow:

2014-08-10 07:50:34

Good news is that the two in The Stow have closed in the last few months. Perhaps they though the new Aldi store would reduce demand.

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