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Individuals eager for a tiny loan to change a broken home appliance or tide them over until their next pay packet will have significantly more protection from improper lending techniques, after the 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 quit payday loan providers from overcharging consumers who will be in need of cash, by launching restrictions on the expenses they could charge,” Mr Shorten stated. Continue reading →

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which are the minimum loan requirements? Continue reading →

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