Ads for payday lenders banned from university campus

The University of East London has banned advertisements for short-term, high interest lenders anywhere on its campus – and is looking into the possibility of blocking access to payday loan websites.

Staff at the university claim that some students who default on the loans and run up substantial debts are being forced to abandon their studies.  Others are said to have turned to sex work to meet their payments.

The ban includes advertisements in magazines, posters and websites.

The University of East London has banned advertisements for short-term, high interest lenders anywhere on its campus – and is looking into the possibility of blocking access to payday loan websites.

Staff at the university claim that some students who default on the loans and run up substantial debts are being forced to abandon their studies.  Others are said to have turned to sex work to meet their payments.

The ban includes advertisements in magazines, posters and websites.

Gareth Smith, director of student life at UEL, said: “Payday loans are not appropriate for students; they do not have the regular income to support them.

“We have seen the effect that they have, and we would urge other universities to do the same as us.”

For more on this story, go to: http://www.telegraph.co.uk/finance/personalfinance/borrowing/loans/9898361/University-bans-payday-loan-companies.html

Tweet