MP hails loan shark review

EDINBURGH East Labour MP Sheila Gilmore has welcomed the UK Government's decision to widen the scope of its current credit review to include legal loan sharking as a victory for the campaign to end exploitative practices.

Ms Gilmore said: "Legal loan sharks are popping up all over Edinburgh. They cripple people with expensive interest rates on legally binding credit agreements.

"Many of my constituents come to me burdened with the misery of debt and the high street loan sharking. I want better protection from unscrupulous lenders.

Hide Ad
Hide Ad

"The matter of legal, expensive credit is now on the agenda and the Government has agreed to listen. This is a victory for people throughout Edinburgh who cannot access well-priced credit through normal banks."