Nationwide Building Society calls for action on legal loan sharks

Nationwide Building Society has given its support to a parliamentary vote to bring in curbs on high-cost credit such as payday loans and doorstep lending. MPs are to vote on an amendment to the Finance Bill on Tuesday 28th June.

Announcing its support, Graeme Hughes, Group Director, said: "Nationwide is encouraging greater scrutiny into the high-cost lending practices of legal loan sharks to ensure transparency and the protection of consumers.

"These vulnerable consumers remain at risk from a lack of transparency and the irresponsible lending practices of legal loan sharks.

"Nationwide, as a responsible lender, recently provided £3 million to Citizens Advice to fund MoneyActive financial capability volunteers in local communities."