Now the dust has settled, it is time to explain what happened. Last week I posted about Money Shop and Payday UK on Labourhome who have high street stores which target vulnerable “customers” with unsecured short term loans and charging up to 1330% APR.

I got some very useful comments. Labourhome commentator “Rwendland” pointed out that even in the land of the free; many US states limit the amount of interest that can be charged on loans. They are even called usury laws. Other countries also have such laws. In Canada they have a legal limit of 60%.

So there are precedences to ban this vile practice.

I’ve been thinking of yesterday’s post and about what should be done about the likes of “Money Shop” and the rest (Payday UK “only” charge 1330% interest for a 30 day loan – please click on the link to check I am not making this figure up. It is unbelievable. Apparently they have 100,000 UK customers) who make such excessive interest charges.

Firstly, why not legislate against it. Usury use to be illegal for centuries. There also use to be numerous Bank of England regulated credit controls which were abolished by Thatcher?