SUSU and Payday Lenders (1314P1)

Status: Lapsed | Zone: Student Life

Passed: 02/12/2013 | Lapsed: 02/12/2013

This policy was discussed at the following meetings:

  •     Many students are beginning to turn to payday loans as a source of money
  •     Payday Lenders charge a huge amount of interest and late payment fees which can be in excess of 1000% APR
  •     More websites are being created and targeted directly at students and vulnerable groups of people. (www.smart-pig.com)
  •     Unions across the country have banned advertising from pay day loans companies on campus (Walsall College, Northampton, Northumbria, Swansea, UEL, Leeds Met, Sheffield and Keele)
  •     Payday lenders are targeting vulnerable groups of people and taking advantage of them
  •     Payday lenders are against our values as a Students' Union.
  •     As a charity we should not, in any way, endorse or promote pay day lenders
  •     The recent targeting of students by payday lenders constitutes a reason for SUSU to take a stance on this issue.
  •     To ban all advertising of payday lenders in physical and online spaces
  •     To not allow any sponsorship of SUSU products and events by payday lenders
  •     To lobby the University to disallow any advertising/sponsorship of payday lenders cross campus.
  •     To advertise alternative methods of money for those who need the support
  •     To carry out research on the attitudes of students at the University of Southampton to pay day lenders and determine how many of our students may have used payday lenders as a source of money.
  • Student Life Zone to develop a strategy to advertise alternative sources of money for the students who need it
  • Student Life Zone to develop a plan to research student attitudes to pay day lenders.