Payday loan companies should somehow be discouraged if not severely restricted in the amount they can charge (perhaps a fixed amount per loan maximum). Failing that they could have to win a game of Wipeout or the company MD dangle for a few hours on a wire Boris Johnson style each week before they are allowed to trade.
Aye. These companies prey on the weakest and then exploit them. Glad it has been raised in the MHoC.
It's not exploitative or reprehensible to offer money to people, with a clear slider showing you how much you have to pay back in how many days. Yes, people can manage their finances badly, but that can happen whether Wonga or these types of institutions exist or don't - and they can help people hugely, if they need tying over to the next pay day to meet the bills, and meet the payment - costing them a fiver in interest rather then hundreds in charges for missed payments etc.
I'll probably have to abstain on this.
I disagree with the concept of limiting the rates, although I agree that they should make them more clearer.