UEL bans payday loans companies from campuses in Stratford and Docklands
PUBLISHED: 14:11 04 March 2013 | UPDATED: 14:11 04 March 2013
The University of East London (UEL) has banned payday loans companies from advertising to their students.
All promotional materials - including leaflets, posters, and adverts - have been removed from the university’s campuses in Stratford and the Docklands as part of a bold new campaign to protect financially vulnerable students.
UEL has teamed up with the National Union of Students (NUS) and Movement for Change who lobby for a cap on the amount of interest payday lenders can charge.
Another factor in UEL’s decision to ban the quick-cash companies is the 2,000 students at the university with dependent children - a group they say is commonly targeted by advertisers.
Speaking at the campaign launch, Peter Mercer, NUS Vice President, said: “Payday lenders try to present themselves as some kind of alternative to government-backed student loans but in reality short-term borrowing often makes students’ financial situation worse rather than better.
“Unscrupulous lenders targeting vulnerable students and other low earners need to be controlled and I am really pleased UEL has launched this campaign, which will help protect its students against the plethora of payday lenders we now see operating within our local communities, high streets and on the internet.”