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MP says credit unions are best at cash loans
11:00am Tuesday 10th September 2013 in News
Many county residents would not think of joining or investing in a credit union, Banbury MP Sir Tony Baldry told a Commons debate on pay-day loan companies.
Sir Tony said there was a need to “enhance the competition” to tackle companies like Wonga, which offer short-term loans at high rates of interest.
Tax incentives could encourage people to join credit unions, not-for-profit loan organisations, he said.
The Conservative MP told Thursday’s debate that “enhanced regulation” was also needed.