Archive for the ‘Pay Day Installment Loans’ Category

Fintech’s part within the worrying increase of payday lending

Posted by: funnytodd   
January 22nd,

An ASIC report has highlighted some shark-like behavior going back into the Australian payday financing sector, claims Jessica Ellerm.

We utilized to phone them ‘loan sharks’ nevertheless now they will have the more moniker that is respected of lenders’. But, a recently released ASIC report has highlighted some behavior that is shark-like towards the sector plus some really stressing trends rising within the ‘emergency’ loan behavior of everyday Australians.

Since 2008, how big the loan market is continuing to grow by over 125%, with $400 million in loans printed in the one year to June 2014. Is this a barometer for a drop that is potentially worrying the nation’s quality lifestyle, as well as an indication regarding the widening gap involving the nation’s richest and poorest? Or, could this be another flag that is red combined with dramatic increase in interest-only housing loans that Australians you live increasingly more beyond their means?

The graph below from page 34 for the ASIC report 1 provides some idea on where in fact the loans that are payday going. Read the rest of this entry »