Universities ban payday loans advertisements

Payday loans lenders have been banned from advertising at three UK universities for exploiting ‘vulnerable’ students, after some were found to have interest rates of more than 4,000%, writes Lucy Sherriff for The Huffington Post UK.

The University of Northampton, Northumbria University and Swansea University have all committed to prohibiting adverts from the lenders, calling them "hugely irresponsible" for targeting students struggling with debt. The decision is the result of a drive by the National Union of Students (NUS) to hold payday lenders to account, after research revealed as many as 10% of students in vulnerable groups have accessed high-risk debt, with many starving themselves to save money.

Payday loans adverts are already banned at the University of East London, which said it wanted to prevent students becoming "financially destitute or desperate" through taking out high-interest debts. Pete Mercer, NUS vice-president (welfare), encouraged other institutions to follow suit.
Full report on The Huffington Post site