ASIC takes action on payday loan advertising
Cash Today Pty Ltd has changed the advertising of its low value short-term loans on its website following concerns about interest rate disclosure.
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Payday lenders
Credit Enhancements Bill a ‘win’ for payday lenders
Consumer advocates lament the lost opportunity to protect vulnerable Australians from exploitative loans.
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Ombudsman asked to consider lending practices of payday loan provider
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CFA member, Consumer Action is lodging another dispute against a high profile payday loan provider.
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Payday Loan “ATMs” – A New Low in Irresponsible Lending
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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.
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Committee’s report shows responsible lending laws aren’t enough
The Consumer Action Law Centre has welcomed the finding from a parliamentary committee of inquiry that Australia’s responsible lending laws don’t sufficiently protect consumers from harmful payday loans. However, the Centre said it was disappointed the inquiry hasn’t supported a cap on the cost of credit, and it has called on the Government to stay…
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Consumer action calls for cap on payday lending in response to ASIC report
CFA member Consumer Action is concerned about the many instances of non-compliance with the law revealed in ASIC’s review of how payday lenders comply. It has also noted some shortcomings in the responsible lending laws.
Read More Consumer action calls for cap on payday lending in response to ASIC report
Stronger hand needed to stop debt traps – committee to report this week
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.
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Pay day loans harm our clients say financial counsellors
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
Cash Converters lending practices challenged in court
A disability support pensioner, Ronald Hayes, has taken legal action against Australian’s biggest payday lender in the Victorian Magistrates Court.
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Responsible lending doesn’t have to be restrictive
AAP The Federal Government has taken significant steps in recent years to protect consumers from predatory lending practices, such as very high-interest “payday loans”. An unfortunate, though surely unintentional, consequence of lending regulation is that people on low incomes or with poor credit records may find it difficult to secure loans. Under our National Consumer…
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Consumer groups launch ‘debt trap’ web site
A coalition of consumer and financial counselling organisations has launched a new website to ensure the hard truths are heard in the debate about the future of short term high cost loans – www.debttrap.org.au. The new website delivers the confronting facts about payday loans, busts myths currently being spread by payday lenders, and outlines safer…
Read More Consumer groups launch ‘debt trap’ web site