BOLTON SOUTH-EAST MP Yasmin Qureshi is urging hard-up families to use the town's Hoot Credit Union instead of payday lenders and other high-interest loans.
She spoke out after the Financial Conduct Authority produced a report this week stressing the 'significant harm to consumers using high-cost credit, many of whom are vulnerable'.
It recommends those on low incomes and need of cash to use alternatives including credit unions and community development finance institutions.
Ms Qureshie said: "The exploitation of vulnerable people by high-cost credit agencies and payday lenders is an economic and social ill in our society. This is a business model that preys on the most financially disadvantaged.
"I welcome the FCA report. I would encourage anybody in financial distress to look into sustainable and ethical alternatives before even looking into payday lenders. A great organisation that runs in Bolton is called Hoot Credit Union, which offers a range of loans at very affordable interest rates, alongside comprehensive financial advice."
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