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Time to fully stop scourge of payday lending, leasing. Consolidate pay day loans

Time to fully stop scourge of payday lending, leasing. Consolidate pay day loans

The Royal Commission in to the banking industry has received a massive level of news protection over past months, shining a light on crazy and perchance also unlawful methods because of the big banking institutions and lending organizations.

But lurking behind the news concerning the bad behavior of our biggest & most trusted finance institutions lies a less prominent but more insidious area of the cash industry.

Short-term credit providers — popularly known as “payday loan providers” — plus some areas of the “rent-to-buy” sector have seen fast growth in the last few years, causing much difficulty and discomfort for some of Australia’s many vulnerable individuals.

In 2005 significantly more than 350,000 households had used this type of loan provider in the earlier 36 months; by 2015, this leapt to significantly more than 650,000, based on research by Digital Finance Analytics and Monash University commissioned by the buyer Action Law Centre. Continue reading