Let me make it clear about Reforms to Payday Lending

Let me make it clear about Reforms to Payday Lending

Individuals in need of a loan that is small change a broken home appliance or tide them over until their next pay packet will do have more protection from improper financing methods, following launch of draft legislation that improves the rules around payday loan providers.

The Assistant Treasurer and Minister for Financial solutions and Superannuation, Bill Shorten, asked stakeholders for comments on a series of reforms to protect borrowers who use payday lenders today.

“These proposals look for to prevent lenders that are payday overcharging customers who will be in need of cash, by launching limitations regarding the expenses they could charge,” Mr Shorten stated. Read More