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Loan charges: Payday lenders target vulnerable students

The National Union of Students (NUS) is calling for tougher rules to prevent payday lenders from targeting vulnerable students, according to a report by the Guardian.
This comes after the organisation revealed that one in ten students who have children have had to take out a payday loan to get through university of college, leading them open to expensive loan charges.

Research suggests that across all students only six per cent have used payday loans, but this grows to ten per cent among student-parents.

"It's immoral for payday lenders to target students – they're an especially vulnerable group because of the low levels of income they have to live on," Pete Mercer, NUS vice-president for welfare told the Guardian.

"If students are in need of financial support, they should contact their university and apply for a hardship fund."

Recently a former student riddled with debt committed suicide after writing a note on the back of a bank statement, indicating the trauma that money troubles can cause young people in education.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801501768-ADNFCR



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