Loan sharks face ad ban at Sheffield University

Paul Blomfield with his bill to regulate payday lenders
Paul Blomfield with his bill to regulate payday lenders
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Payday loan sharks are being banned from advertising at Sheffield University – as an MP begins a bid to curb their activities.

The Parliamentary Bill by Paul Blomfield, Labour MP for Sheffield Central, is being supported by The Star.

The university’s move follows a recent report which found under-25s were the largest group seeking cash from payday lenders.

Guidance and financial support for hard-up students is also to be stepped up to prevent them falling into debt.

The ban means payday lenders will not be allowed to promote their services to students at events run by the university or the students’ union.

Catherine McKeown, university spokeswoman, said: “Over the past 12 months we have noticed a worrying increase in students in financial hardship as a direct result of taking payday loans either prior to commencing their studies or at varying stages during their time as a student, including those at postgraduate level.

“We’re committed to ensuring our students don’t fall foul of payday loan companies.

“The ban demonstrates our support for the Parliamentary Bill to lobby for better regulation of this sector.”

Mr Blomfield said: “This is a very welcome action by the university that sends a powerful message.

“I hope more local institutions and organisations will follow this lead by standing up to payday lenders.”

His bill receives its second reading today.