Loan sharks rankle religious

London, England - Representatives from temples, mosques, synagogues and churches, together with more than 2,000 others plan to call on politicians to impose a 20% cap on interest rates. 

London Citizens, a group representing more that 150 faith congregations and charities are concerned about those whose lives have been decimated by legal loan sharks who, they claim, impose predatory lending rates on ordinary people struggling to make ends meet. 

“Despite a massive taxpayer bailout of the banks, ordinary people across London have been forced into the hands of legal loan sharks in order to gain access to credit,” said Paul Regan, a trustee of London Citizens. This has been caused by a lack of access to credit from banks. The group proposes making borrowing at interest rates of 50 or 500 per cent illegal.