MP praises loans proposals

Mike Weir MP
Mike Weir MP

Angus MP Mike Weir has welcomed an announcement from First Minister Alex Salmond that payday lenders would be subject to tougher regulation in an independent Scotland.

Mr Salmond proposed that short-term interest be capped - as they are in many countries in Europe, Japan, Canada and some US states and regulation of advertising.

Commenting on the plans Mr Weir said: “These are welcome proposals to curb the exorbitant interest rates charged by some payday lenders.

“These companies are steadily growing with offices in many of our High Streets, and almost saturation coverage TV advertising.”