London, UK -- (SBWIRE) -- 07/18/2013 -- As the government talk about payday loans heats up from the recent summit, opponents of these online loans are urging UK citizens to protest these payday loans companies.
The Newham Council supported students from the University of East London (UEL) as they protested on July 1. The students gathered along a street corner in East Ham in front of a loan shop while they chanted and held up signs. Those who joined protested on the foundation that payday loans are preying on the vulnerable.
“These loans are detrimental to our society, citizens and our future,” says Martha Charmane, student and member of Citizens UK, an awareness-raising student group. “It’s not fair that they take advantage of the desperate, and it’s not fair to us because it’ll be our generation that has to deal with the repercussions.”
The students and the council want the practice of short-term lending , rolling loans, and multiple loans to cease. They also want government –approved debt-counseling information available at all branches and online on such sites as Instant-Paydayloans.org.uk.
Ms. Charmane goes on to say students need to be aware of these loans as they graduate and have student loans to pay off.
“These loans are not and should not be used as a solution to paying off student loans. They’ll just get you into more debt,” she says later in an interview on the East Ham street corner.
Students aren’t the only one’s trying to raise awareness. Recently, the face of one a payday loan company, Kerry Katona, filed for bankruptcy and consequently, was relieved of her duties as spokeswoman. Since then, debt advisors have urged celebrities to stop endorsing these payday loan sites and companies.
“They’re portraying that by getting a quick loan, you can live this rock star lifestyle,” says debt advisor Terry Thatcher. “These payday loans shouldn’t be used at all, and if they are, should be used only as a last resort.”
Ms. Katona and other celebrities that are spokespersons of payday loan sites have not commented on the recent plea by debt advisors.
Payday loan companies are stunned by the recent and quick developments.
“We’ve always played by the rules,” retorts Rhett Reuter, owner of Instant Loans Now. “We don’t have any fine print and provide a much needed service.”
FOR MORE INFORMATION: Visit http://www.instant-paydayloans.org.uk/