CHOICE membership

Payday loans: Why is usury permitted?


This is just standard laws that are meant to be enforced with certain financial advisors. I’m just yet to find an example of a rental company NOT making insane profit vs the cost of the goods rented at the expense of the financial illiterate


Another article regarding payday lenders and their ilk.

Absolutely disgraceful.



Another article regarding the bottom-feeding payday lending “industry”.

What a disgusting bunch of grubs.



It is our politicians and financial regulators that have failed us.

There is no shortage of resources… but obviously no will to act.

This is not a new issue.



Well politicians try to follow what they think people will want. And the average consumer LIKES Afterpay, Zip Pay etc because they can’t see a downside for them. It’s a flaw in how our political system works; there are sometimes decisions needed to protect a minority that are unpopular with the majority.


Another article regarding the low-life bottom-feeding money lending grubs.

Perhaps Choice could set up a webpage listing the names and details of these grubs so as to hopefully forewarn potential victims.



Australia has an unhappy, perhaps tragic history of forcing outcomes on minorities justifying the actions as protective.

Are there genuine and readily available alternatives?

That bad and unacceptable practices can be so easily identified with the use of some of these personal credit products suggests that there are few options for a large portion of their users. Some of us are also less aware or astute about the ways of finance, however simply shutting a gate based on ability would also seem a poor response!

For those amongst the community who manage finances well, some of the products under discussion and widely available may be very usable, and effective financial tools for some.

Even the average Australian bank issued credit cards apportion unrealistically gross and excessive interest charges when users extend into credit! Many of us have such cards. Most pay them off in full by the due dates. Others don’t. The interest rates and terms are an ongoing topic for consumer action. However there is no mass call for the end of credit cards, although there are alternatives?


No one’s discussing shutting down these services. It’s simply being suggested that they need to be classed as a financial service. That would mean a) It becomes their responsibility to make sure the recipient has a decent chance of paying it off and b) The late fees have to reasonably reflect costs.

However this would undoubtedly make the service more difficult to access and probably introduce fees for the consumer. Which would be unpopular with the majority of the population who use it with no issues.