Financial counsellors are available on 1800 007 007.Read More Cash Converters Action-Financial Counselling Australia Statement
Regulator signals tougher responses to deliberate breaches of the National Consumer Credit Protection Act 2009.Read More ASIC guidance on new responsible lending laws
ASIC consults on effectiveness of online database for payday loansRead More Should small amount loans be registered?
Changes to legislation fail to recognise the need to better regulate short-term creditors.Read More Consumer Credit Bill offers mixed bag for consumers
A Money3 advertisement boasting that no loan application will be refused has raised the ire of Consumer Action which has asked the ASIC to investigate.Read More Payday lender’s advertising potentially misleading or in breach of consumer credit laws
Is the Commonwealth about to further weaken payday lending laws under pressure from industry? Gerard Brody of Consumer Action Law Centre reviews the arguments. He says interest rates of 288% will not put any pressure on the payday industry to change their harmful practices.Read More Government to backflip on payday lending law reforms?
Financial counsellors are alarmed that proposed changes will double the amount that lenders can charge vulnerable
consumers for short?term loans.
CFA member, Consumer Action is lodging another dispute against a high profile payday loan provider.Read More Ombudsman asked to consider lending practices of payday loan provider
An Australian fringe lending company is introducing payday loan “kiosks” which look like ATMs into Queensland shopping centres, a move that financial counsellors say could put financially vulnerable families at greater risk post the holidays.Read More Payday Loan “ATMs” – A New Low in Irresponsible Lending
ASIC’s review of the practices of 19 pay day and other short-term small amount lenders has found that while the majority are aware of and taking steps to comply with their responsible lending obligations, further improvements need to be made.Read More ASIC seeks consistency in micro lenders’ responsible lending practices
With the Commonwealth Parliament’s joint committee on corporations and financial services due to report soon, Annette Sampson reports in the SMH on a Queensland court decision that exposes the problems in the payday lending industry.Read More Stronger hand needed to stop debt traps – committee to report this week
A national survey of over 300 financial counsellors has slammed the payday lending industry.Read More Pay day loans harm our clients say financial counsellors