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Payday loan companies winning the battle against consumers

Plans to introduce a national 2% cap on fees and a 48% cap on interest for payday loans have been rejected by a recent parliamentary report.

The Senate Economics Legislation Committee has considered the Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill 2011 which was intended to amend the National Consumer Credit Protection Act 2009 - the core national legal framework which protects borrowers – and which was to provide better regulation of payday loans throughout Australia.

Currently, consumer credit legislation in the Australian Capital Territory, New South Wales and Queensland applies a 48 per cent cap that includes interest, fees and charges. Victoria applies a 48 per cent cap, although thi .....

14 Dec 2011 by

Ian Carpenter

 in 

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