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Fast money at a cost

Fast money at a cost

By Vittorio Casamento

Practice & Procedure 

Lawyers can help clients who find themselves with a payday loan that has breached financial regulations. Snapshot The payday lending market provides short-term loans to retail customers at a very high cost, and it continues to grow in Australia. Regulations designed to protect consumers have been reviewed by ASIC and compliance by some financiers was found to be lacking. Pro bono lawyers can rely on financiers’ non-compliance to assist clients negotiate favourable outcomes. Payday loans derive their name from the fact that the loan and interest payments are made via direct debit from a customer’s bank account on the customer’s “pay day”.

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