Monthly Archives: March 2021

ASIC sues short-term lenders

The watchdog has initiated proceedings in Federal Court against two payday lenders for alleged unauthorized credit activity. The Australian Securities and Investments Commission (ASIC) has initiated proceedings in the Federal Court of Australia against Cigno Pty Ltd and BHF Solutions Pty Ltd for alleged breaches of the National Consumer Credit …

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The regulatory future of payday loans

Payday and short-term loans are a controversial topic in the United States, especially when it comes to their regulation. Loans, usually for small amounts and on a short-term basis, are hailed by proponents as necessary tools for consumers facing a financial burden, such as an unexpected car repair, with few …

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Payday Loan Debt Trap Hits Consumers

Campaigners want regulators to focus on a borrower’s ability to repay a payday loan. Unscrupulous online lenders often grant predatory loans and violate state limits, regulators say. Ken Whittaker, 41, has one of those stories about taking out a payday loan that can capsize your stomach. One simple mistake – …

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Uncertain outlook for payday loan legislation

Uncertain outlook for payday loan legislation

The consumer advocates believed they were in the time to take steps to end the most shady practices that are prevalent in the auto sector which is a group of financial institutions that offer short-term loans to people with lower. The earnings are at very high rates. The main tool …

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Sunny Payday Loan Company Goes Into Administration

The loan company PAYDAY Sunny was placed in receivership, affecting 50,000 clients. The high-cost credit firm blamed the impact of the coronavirus and a continued crackdown on the payday lending industry. 1 Payday lender Sunny goes bankrupt, affecting 50,000 customers Borrowers are, however, advised to continue making payments as usual, …

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