Aberdeen Councillor Calls for Residents to Reject High Interest Loans

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Fri, 31 Oct 2008

An Aberdeen councillor has called for hard up residents to turn to credit unions rather than accepting high interest loan offers. Mark McDonald, the Scottish National Party councillor for Dyce, Bucksburn and Danestone, has tabled a motion to the next full council meeting on the practices of companies offering high interest loans . The motion is designed to encouraged the government to protect ‘vulnerable individuals’ with bad credit from exploitative firms. He has urged borrowers to take advantage of the Grampian Credit Union rather than accepting the high interest rates currently being offered on loans.

Mr McDonald said, ‘The practices of these companies is highly questionable from a moral standpoint, and I would hope that the UK Government would seek to ensure that the sort of irresponsible lending which has led us to the brink of financial meltdown would be curtailed. Credit unions are a much better method of securing finance than to try and find a high-interest loan through companies who leaflet door-to-door. I hope that my motion will attract cross- party support at the full council meeting, and that this issue receives the level of attention from government that I feel it deserves’.

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