Finance news from Loans Park

London (loans-park) July 27, 2006: According to Liz Atkins, from the National Housing Federation, some measures should be taken to keep an eye over doorstep lenders. Moreover, some restrictions should be imposed on interest rates that are charged by these lenders.

The major concerns are poorer residents, who opt for some small loans such as unsecured personal loans, bad credit unsecured loans, bad credit secured loans etc. They can easily get under a high debt as annual percentage of interest rates charged moves between 160 per cent and 800 per cent. However, people opt for all sorts of loans such as holiday loans, car loans, secured loans, unsecured loans etc.

Mr Liz Atkins quoted that, "Low income households are being targeted and ripped off by doorstep lenders, paying way over the top for credit. He went on to say that, "Housing associations are working hard to help those who are financial excluded but the government needs to go further if it is really serious about tackling the problem. It's time to cap the ridiculous interest rates set by home credit companies and doorstep lenders."

Niall Cooper, of the Debt on our Doorstep campaign, further added that "Although there is now widespread awareness of the harmful effects of extortionate and predatory lending in poor communities, the government's response to date has been woefully inadequate."