The Royal Commission to the banking industry has gotten a massive number of news protection over past months, shining a light on crazy and perchance also unlawful techniques by the top banking institutions and financing organizations. But lurking behind the news in regards to the bad behavior of our biggest & most trusted finance institutions lies a less prominent but more insidious the main cash industry.
Temporary credit providers popularly known as “payday lenders” and some elements of the “rent to purchase” sector have seen growth that is rapid 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 kind of loan provider in the earlier 3 years; by 2015, this leapt to significantly more than 650,000, based on research by Digital Finance Analytics and Monash University commissioned by the Consumer Action Law Centre. Nearly 40 percent of borrowers accessed one or more loan in 2015.