Senate committee says products appear to be designed to take advantage of those in financial hardship Payday lenders and rental companies should face tougher regulations and need to improve the way they consider the needs of struggling families, an inquiry has found. A Senate economics committee inquiry, which reported on Friday, was told that in one case, a person on the dole paid the equivalent of an 884% interest rate on a rented clothes dryer.
Dole recipient paid 884% interest: inquiry demands payday lending shake-up
The Guardian - 23 Feb 2019 05:52
Senate committee says products appear to be designed to take advantage of those in financial hardship Payday lenders and rental companies should face tougher regulations and need to improve the way they consider the needs of struggling families, an inquiry has found. A Senate economics committee inquiry, which reported on Friday, was told that in one case, a person on the dole paid the equivalent of an 884% interest rate on a rented clothes dryer.
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