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ASIC puts payday lenders 'on notice'

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Australian Broker | 17 Mar 2015, 08:51 AM Agree 0
ASIC has taken the payday lending sector to task over its compliance with the NCCP
  • Mat Smith | 17 Mar 2015, 10:12 PM Agree 0
    Here's what's ridiculous: well-meaning officials and activists trying to understand payday loans with a credit-card mentality. These are short term loans, they're not paid off over a year, or with monthly payments like a credit card is, anyone who takes out these loans understands this. People use these loans specifically because they don't have the luxury of a credit card with a nice, politically-correct APR. It's also ridiculous that even with one or even two jobs, some folks still need loans like these to make ends meet. And instead of addressing the need for a living wage, politicians would rather scrutinize the loans people sometimes need to get by.
  • Maria Rigoni | 18 Mar 2015, 12:17 PM Agree 0
    The National Consumer Credit Protection Act was supposed to get the loan sharks who charge over the top fees and interest rates out of the picture. People who understand finance and money traps and inadequate funding options for the vulnerable knew the problem would not be fixed by the legislation.
  • Doran Waugh | 22 Jul 2015, 02:42 PM Agree 0
    Loans have become quite an issue in many states of the country. There are many people under debt and they would certainly like some relief. The debt is mainly due to the increasing rates on them from the lenders. When someone tries to pay back the debt they get hit by huge increased interest rates and that is why they chose to for fit their
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