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Labour MEP gives his warning over payday lenders

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Labour East of England Member of the European Parliament Richard Howitt urged borrowers not to turn to payday lenders for short term credit.

He is vice-chairman of a new group in the European Parliament which will press the EU to open up financial services for those on low or no regular income, and be an advocate for local credit unions. To mark his election to the European Parliament Credit Union Interest Group, he visited the Rainbow headquarters in London Road South, Lowestoft.

He said:

“I’m campaigning in Europe for financial inclusion for those with low or no regular income.

“Rainbow Saver Anglia Credit Union is a not-forprofit financial co-operative that provides a safe place to save money and borrow
at competitive rates, with thousands of members across East Anglia.

“Community-based finance and money advice which often involves partnership with local churches, as with food banks, offers a better way, but access to these services can be limited.

”I was delighted to be told today that Lloyds bank will be donating £20,000 to Rainbow Saver Anglia Credit Union and £100,000 to Eastern Savings and Loans Credit Union in recognition of the role they play opening up access to finance in the communities they serve.”

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