PAYDAY LOANS

That this House notes with concern the alarming increase in the use of payday loans; further notes that interest rates are extremely high and that these loans are designed in such a way that borrowers often have difficulty paying them off when they are due, with no option to pay in instalments; further notes that a large part of the industry's profit comes from repeat borrowers who find themselves unable, because of the way the loans are designed, to repay their loans on the due date and instead must continually renew them, incurring massive charges; further notes that the industry has failed to properly regulate itself; and therefore calls on the Government to bring forward legislative proposals to limit interest rates and charges and to publicise the better ways to borrow small amounts of money over a relatively short period of time.