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Rate cap 'should be introduced on personal loans'
The government should introduce a new rate cap on all forms of consumer credit, including personal loans, a new poll has suggested.
Research by YouGov, which was commissioned by pressure group Compass and Trident Reach, revealed that 68 per cent of consumers in the UK would support such a move on all products, including unsecured credit.
It also revealed that seven out of ten people want the government to support alternative sources of credit, including through a post bank, credit unions and community development finance initiatives.
Gavin Hayes, general secretary of Compass, said the poll suggested that government credit reforms would not go far enough.
He added: "This is a key test of the coalition government's stated commitment to create a fairer society. Now we need to see if it backs the people or the financiers?"
The release of the research has come after a poll by Sainsbury's Finance suggested that one in five people looking to purchase a car in the coming months will use a personal loan.