Payday lenders 'preying' on natural disaster victims, financial counsellors say

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An alarming number of natural disaster victims turn to high-cost, short-finance — or pay day loans — to avoid going broke, financial counsellors say.

 

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😠 There needs to be legally enforced conditional limits on lending terms for loans offered to people in areas declared as natural disasters, or whatever the goverment cares to call them.

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Payday loans skyrocket as households pushed into risky forms of creditAs mainstream lenders pull back on new finance and tighten credit after the Hayne Royal Commission, households are being pushed into riskier forms of credit. This is so wrong. There mustn’t be these loan sharks. There’s got to be a better way - quickly billshortenmp RevBillCrews Thank goodness for the LNP with slow wage growth and lose of penalty rates and loading, oh what a feeling. It is a massive problem. I am a part disability pensioner and i had to make sacrifices and learn to live within my means. It was difficult.
Source: abcnews - 🏆 5. / 83 Read more »

Payday loans skyrocket as households pushed into risky forms of creditAs mainstream lenders pull back on new finance and tighten credit after the Hayne Royal Commission, households are being pushed into riskier forms of credit. This is so wrong. There mustn’t be these loan sharks. There’s got to be a better way - quickly billshortenmp RevBillCrews Thank goodness for the LNP with slow wage growth and lose of penalty rates and loading, oh what a feeling. It is a massive problem. I am a part disability pensioner and i had to make sacrifices and learn to live within my means. It was difficult.
Source: abcnews - 🏆 5. / 83 Read more »