GLASGOW Credit Union has thrown its weight behind a campaign to ban payday lenders from advertising on college and university campuses in the UK.

On leaving home, many students experience the availability of credit for the first time, with little understanding of the long-term implications.

That can leave them vulnerable to payday lenders and lead to unmanageable debt affecting their well-being and education.

Glasgow Credit Union says with the ever-increasing cost of attending university, there is a worryingly high spike in students using payday loans to cover living costs.

The organisation is warning of the serious hidden dangers of such loans, which may not be clear to students until it is too late.

The Evening Times has already revealed people in Glasgow borrow £57million a year from payday loan firms.

And this week city councillor Gerry Boyle called on the Professional Football Association Scotland to drop its connection with Cheque Centre.

June Walker, the credit union's chief executive, said: "Payday loans are an expensive way to borrow because the APR can be an astounding 4000% plus.

"Yet the real problems occur when customers miss a repayment and the changes are rolled over to the following month. This leads to a never-ending cycle of debt and long-term damage to their credit worthiness.

"This may lead to difficulty obtaining a mortgage or other credit in the future and could even impact their future careers, with many industries requiring a clean credit history as a condition of employment.

"The average difference between what it costs to be a student and what he/she receives annually in Government support is £8566. Research by the National Union Of Students highlights that 3% of college and university students have taken out high-risk debt to help cover these costs."

The credit union is backing the NUS campaign to ban adverts across all campuses and to promote credit unions.

Students living or working in Glasgow can become a member of Glasgow Credit Union by saving as little as £10 a month.

Once a member, they can access financial education, low cost borrowing and other member benefits.

Ms Walker said: "I cannot stress enough how important it is to avoid payday loans at all costs.

"Their potential to spiral out of control is staggering. If money is tight while studying, talk to your local credit union about whether low cost borrowing with affordable monthly repayments may be available or seek advice on campus."

vivienne.nicoll@ eveningtimes.co.uk