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Payday loan companies have been banned from a University campus as as there are fears students are turning to prostitution to pay off their debts.
The loans, sometimes taken by student-parents to feed their children, lead to “desperate measures” as people get caught in a vicious cycle of debt, it is said. As a result companies which offer short term, unsecured loans at high interest rates have been banned from advertising anywhere on the University of East London campus, including in magazines, on posters, or online. UEL made the move as more students were turning to the firms to tide themselves over between grants and loans. The University’s chaplain, Rev Jude Drummond, said that at particular times of year people came to her in “very distressed and emotional states” and some were abandoning their studies because of financial difficulties.....Read more here
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The NUS has led a campaign to eradicate adverts for the industry from all campuses.
Three more universities have banned payday lenders from advertising on their campuses, following a campaign by the National Union of Students (NUS). The University of Northampton, Swansea University and Northumbria University have all agreed to prohibit the controversial industry placing adverts anywhere on their sites. The NUS is hoping more universities will follow suit as payday loans become increasingly attractive to fnancially desperate students. The Office for Fair Trading has warned that some payday lenders' websites, and adverts they place elsewhere, often contain misleading information. The University of East London was the first institution to ban payday loan advertising back in February, after they found students who had taken out the loans were struggling to repay the high interest rates which could reach 4,000pc a year......Read more here