North Douglas MHK Bill Henderson says more action is needed to regulate or even ban payday loan companies on the Island.
In Tynwald next week, he’ll ask Chairman of the Office of Fair Trading David Quirk MHK what he’s doing in response to extra regulations in the UK.
Mr Henderson says the companies make money from the misery of others and he’d like to see more done to protect consumers.
He says the enormous interest rates means many people are trapped by their repayments:
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