This is good news! It is terrible we even need to worry, but the sad fact is online payday loans in Australia, have traditionally been plagued by schemes and scams. Here we are in trouble and needing emergency cash to get us through till the next payday, and we get taken advantage of in our desperation.
The Minister for Superannuation and Corporate Law, Nick Sherry released a draft of the new legislation designed to increase responsible lending to Australian consumers.
This legislation will demand more accountability for payday loan companies and only will licence lenders that are following “responsible lending” guidelines.
Those online payday loan companies that are in compliance will need to give more information up front. This will allow you in your decision to get a cash advance to make a completely informed choice whether to get a payday loan and what that online loan actually consists of. This means no more hidden fees or charges can be snuck in on us.
The new payday loan law would also require more information from us, the consumer. This is also good. We need to constantly be watching our financial and lending habits, and more accountability for the lender and borrower just helps us stay viable, and out of financial trouble.
There is nothing wrong with needing a cash advance or emergency cash obviously. But realising that the nature of the payday loan is short term and not meant to solve long term financial trouble is important for our financial health.
So good on the Australia Government for looking at making the getting of a payday loan safer and scam free.All in all, the proposed laws are great for Australian consumers and for the online payday loan industry too.
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Do make absolutely sure you compare suppliers, as the APR might vary and you could be offered up a lots sounder deal if you see beyond the original offer.
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