Plymouth bans payday loans
The Council are aiming to protect residents from the huge interest rates which often lead to spiralling debt.
This comes on the back of the Financial Conduct Authority considering a blanket ban on payday loan companies from advertising.
Councillor Chris Penberthy said: "Plymouth's advice agencies are taking calls daily from people who are running up huge debts that are causing stress and hardship to them and their families. We need to protect people and make it difficult for payday loan companies to operate in our city but we do recognise times are hard."
"We are working with our partners to make credit union services more easily available in the city centre, this is an affordable lending option for people that won't trap them with massive interest rates."
Steve Meakin, Money Advice co-ordinator for Devon and Cornwall and the chair of the Institute of Money Advisers, said: "It's difficult to overestimate the harm payday loans are causing to Plymouth residents. The Citizens Advice Bureau is seeing an ever increasing epidemic of despair caused by these unscrupulous merchants of misery. Plymouth City Council's initiative is really welcome and represents a constructive first step in combating the unacceptable face of the financial services industry."