Individuals in need of a tiny loan to replace a broken home appliance or tide them over until their next pay packet will have significantly more protection from improper financing methods, after the launch of draft legislation that improves the rules around payday loan providers.
The Assistant Treasurer and Minister for Financial solutions and Superannuation, Bill Shorten, today asked stakeholders for commentary on a number of reforms to safeguard borrowers whom utilize payday loan providers.
“These proposals look for to prevent payday loan providers from overcharging customers who will be eager for cash, by launching limitations from the expenses they could charge,” Mr Shorten said.
The reforms will discover Australia’s first national limit on charges for ‘small quantity’ agreements. Read more “Reforms to Payday Lending. Individuals in need of a loan that is small”