Labour leader Ed Miliband launched a stinging attack on payday lenders during a speech at an event at Battersea Power Station on Tuesday.
The opposition leader, speaking about the country’s cost of living crisis, accused the firms of preying upon vulnerable people then intimidating them with bullying tactics when they failed to repay the loans.
Mr Miliband said: “Payday lenders don’t speak for the silent majority. They are responsible for a quiet crisis of thousands of families trapped in unpayable debt.”
He said they had created a “quiet crisis” for thousands of households saddled with debts they were unable to pay off.
Sadiq Khan MP said: “The cost of living crisis is a nation-wide problem, but as the local MP, I see it first-hand here in Wandsworth.
“I see it at my regular advice surgeries, when I speak to local residents on the doorstep, and in my work supporting Wandsworth’s first Foodbank, which opened its doors earlier this year.”