Payday loan companies: majority of Lib Dems say they’re unethical, with 85% wanting limits on their charges

by Stephen Tall on December 30, 2013

Lib Dem Voice has polled our members-only forum  to discover what Lib Dem members think of various political issues, the Coalition, and the performance of key party figures. Some 750 party members responded – thank you – and we’re publishing the full results.

By 56% to 30%, Lib Dems DISAGREE that payday loan companies offer a useful service

For each one please say if you agree or disagree with the statement…
… Payday loans companies offer a useful service

    3% – Strongly Agree
    27% – Agree
    Total agree = 30%
    26% – Disagree
    30% – Strongly Disagree
    Total disagree = 56%
    13% – Neither agree nor disagree
    1% – Don’t know

65% say payday loan companies are unethical – just 17% disagree

… Payday loans companies are unethical.

    32% – Strongly Agree
    33% – Agree
    Total agree = 65%
    11% – Disagree
    6% – Strongly Disagree
    Total disagree = 17%
    Neither agree nor disagree
    Don’t know

58% say people who take out payday loans unable to decide for themselves if the terms are attractive or not

… The people who take out payday loans are in the main able to decide for themselves whether the terms are attractive or not.

    2% – Strongly Agree
    20% – Agree
    Total agree = 22%
    37% – Disagree
    21% – Strongly Disagree
    Total disagree = 58%
    16% – Neither agree nor disagree
    3% – Don’t know

85% want limits on amount payday loan companies can charge

… Limits should be introduced on the amount that payday loans companies can charge.

    57% – Strongly Agree
    28% – Agree
    Total agree = 85%
    6% – Disagree
    3% – Strongly Disagree
    Total disagree = 9%
    Neither agree nor disagree
    Don’t know
  • 1,500 Lib Dem paid-up party members are registered with LibDemVoice.org. 749 responded to the latest survey, which was conducted between 14th and 18th December.
  • Please note: we make no claims that the survey is fully representative of the Lib Dem membership as a whole. However, LibDemVoice.org’s surveys are the largest independent samples of the views of Lib Dem members across the country, and have in the past offered accurate guides to what party members think.
  • For further information on the reliability/credibility of our surveys, please refer to FAQs: Are the Liberal Democrat Voice surveys of party members accurate? and polling expert Anthony Wells’ verdict, On that poll of Lib Dem members.
  • The full archive of our members’ surveys can be viewed at www.libdemvoice.org/category/ldv-members-poll
  • * Stephen Tall is Co-Editor of Liberal Democrat Voice, and editor of the 2013 publication, The Coalition and Beyond: Liberal Reforms for the Decade Ahead. He is also a Research Associate for the liberal think-tank CentreForum and writes at his own site, The Collected Stephen Tall.