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'Dodgy but useful' - the street with 18 payday lenders

17 October 2013 Last updated at 11:23 BST

Labour has pledged to impose a levy on the profits of payday lenders to help support lower-cost lending from credit unions and boost money advice services.

But do payday loans have a rightful place?

The Today Programme's Tom Feilden reports from Walthamstow High Street in north east London where there are 18 payday lenders and a lot of people see them as a necessary evil.

First broadcast on BBC Radio 4's Today programme on Thursday 17 October 2013.

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