Sign the End Legal Loan Sharking petition
The progressive pressure group Compass has launched a major new campaign to end legal loan sharking.
Chuka, who is a member of the management committee of Compass, co-launched the campaign in a letter to the Guardian along with other leading politicians, academics and campaigers. The letter calls on the government to introduce interest rate caps and increase access to affordable consumer credit.
An interest rate cap would help prevent the exploitation of vulnerable people in places such as Streatham, where High Street lenders charge as much as 400% APR. Some payday lenders in the UK legally charge up to 3000% APR.
Local organisations such as the London Mutual Credit Union which serves Lambeth and Southwark and of which Chuka is a member, provide an alternative to loan sharks by lending small amounts of money while encouraging people to save.
To learn more about the End Legal Loan Sharking campaign and to sign the petition, follow this link.
