Lyn Brown
Main Page: Lyn Brown (Labour - West Ham)
Paul Blomfield
I think that most hon. Members would recognise that the annual percentage rate—I will come on to APR later—that Wonga charges, which has just gone up to approximately 5,500%, is entirely inappropriate.
Lyn Brown (West Ham) (Lab)
Is it not a fact that loans are rarely £150 over a two-week period? The people accessing loans at high interest rates will have already been turned down elsewhere for credit with lower interest rates. A typical loan for Wonga et al is not £150 for just two weeks; the problem is that they roll over and over.
Paul Blomfield
My hon. Friend makes an important point, and I intend to come on to the issue of rollovers later.