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MP calls for crackdown on payday loan firms that target military

Payday loan companies that charge high rates of interest are targeting members of the armed forces and ex-servicemen, according to a Labour MP.

Stella Creasy, who represents Walthamstow, said the government must take action to stem a rising tide of debt problems among Britain’s armed forces. A third of all problems dealt with by the Royal British Legion’s debt service related to unsecured debts, according to Ms Creasy. The Legion’s Money and Benefit Advice service (MBA) is expected to deal with 10,000 serving army members and ex-servicemen with debt problems over the next year alone. It dealt with just 2,400 in 2007.

The payday loan firm QuickQuid, which charges interest rates of up to 1,734%, states on its special military site: ““You provide security and protection for your country — shouldn’t your armour against financial problems include access to military loans when you need them?”

Another company, Easymilitaryloans.co.uk, offers members of the armed forces and ex-service personnel the opportunity to rebuild damaged credit through expensive lending products.

One in four of those who take out payday loans need the money to buy food or other essentials, with 44% using them to pay off other debts, according to the Debt Advice Foundation.

Ms Creasy said:  “Our Armed Forces make enormous sacrifices for the sake of our security, so it’s only right that we give them the protection they deserve from problems at home. These figures from the Royal British Legion reflect the difficult financial circumstances many of our service personnel and their families find themselves in given their unique lifestyle. My fears for their financial welfare are compounded by the evidence that payday lending companies are deliberately targeting our forces here in the UK as they did in America. Now we learn a third of all debt cases the RBL deals with involve these kinds of unsecured debts.”

“America took action by capping what soldiers could be charged for credit – I urge the Ministers to learn from them by commissioning research into the causes of financial struggle for our forces, back our call for caps on the costs of credit to protect consumers from these firms and ensure our Forces are able to access affordable credit through a dedicated army credit union. Any member of the public concerned about debt and our military could also help this campaign by signing the petition calling on the Government to end legal loan sharking and cap the costs of credit.

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