‘LEGAL LOAN SHARK’ BACKS LENDING TALK

LABOUR was last night accused by its own MPs of letting a ‘legal loan shark’ sponsor a lending event at the party’s conference.

The talk was hosted by Amigo Loans, which charges interest rates of about 50 per cent – about twice that of a typical credit card.

Applicants must provide a guarantor, such as a family member, meaning the firm can offer loans to people with terrible credit records who are saddled with debt.

Consumer champion Martin Lewis has said the adverts describing its loans as affordable have left him feeling ‘slightly sick’.

Labour MP Stella Creasy, who called for a crackdown on lending to the vulnerable, said she refused an invitation to the event. She said: ‘I can’t believe this firm has the gall to run a meeting at the Labour conference on credit scoring and responsible lending.’

Fellow Labour MP Wes Streeting said delegates should be under no illusions over the ‘exploitative business practices’.

But Tory MP Charlie Elphicke said the move ‘smacks of rank hypocrisy’ by Labour.

Amigo said the session was to help consumers with low credit scores.