SUSU and Payday Lenders (1314P1)
Status: Active | Zone: Student Life
Passed: 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.