MPs are to vote on an amendment to the Financial Services bill, which calls for a maximum amount lenders can charge for credit.

Labour MP Stella Creasy, who proposed the change, told John Humphrys that under the current system Britons are "easy targets" for debt and that consumers and politicians overwhelmingly agree that payday lending is a problem.

She says that total cost capping "is the answer" to giving consumers the protection they need.

John Lamidey, the CEO of the Consumer Finance Association, says that the people who actually use the loans find they work "really well" and that implementing a cap will not make the loans cheaper, it will "simply make them unavailable".

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