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10 December 2016: pay day loans

10 December 2016: pay day loans

On 10 December 2016, Principal Solicitor Gemma Mitchell talked on Heritage FM about problems pay that is surrounding loans.

Exactly what are pay day loans?

Payday advances are loans all the way to $2,000 which needs to be paid back between 16 times and 12 months. Pay day loans are often marketed as an easy and solution that is easy short-term cash problems.

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Nevertheless, the truth is that payday advances typically carry high fees and fees that are additional in consumers paying down way more than had been originally lent.

Recently we now have seen investigations into payday loan providers amid claims they own perhaps not been lending responsibly.

There clearly was home elevators the Australian Government’s MoneySmart site for customers concerning the investigations and whether customers could be eligible for a refund for charges and fees related to their pay day loans. Continue reading