Posted on 2013-09-19 | 06:38

Roger is supporting Birmingham City Council’s plans to limit the ability of payday lenders to operate in the city and prevent the exploitation of vulnerable people. Roger backs the council’s plans to introduce strict bylaws to restrict the ways in which companies such as Wonga can advertise their loans, which can carry an annual interest rate of thousands of per cent.

Roger says: “I support these plans, which could stop predatory payday lenders from opening shops on Birmingham’s high streets and restrict their ability to advertise in public spaces.”

Roger is also supporting the Birmingham Fair Money campaign, which aims to provide an alternative source of financial services including loans and money advice. The campaign will see local not-for-profit lenders such as credit unions provide small, affordable loans to help people move away from payday lenders and avoid becoming trapped in debt. All the organisations involved are committed to being responsible lenders and, if they feel that a loan is not in the applicant’s best interests, will direct them to advice services which can help them.

From 1 October there will be a pop-up Fair Money shop on Bull Street, opposite a payday lender. Funded by the council, it is hoped that this will help to attract Christmas shoppers away from unscrupulous lenders and towards providers of responsible, sustainable financial services.