RLC in the Media: Alarming increase in people turning to payday loans
More Australians are turning to payday loans and spiralling into debt, according to Digital Finance Analytics (DFA).
Antoinette Lattouf reports for Ten Daily
Most people take out payday loans because they run out of money before their next pay cheque.
"The statistics around the increased prevalence and use of payday loans are alarming," Laura Bianchi, RLC's head of the Credit and Debt practice, said.
Redfern Legal Centre regularly hears from people who cannot maintain the repayments and end up in "out of control debt" because of payday loans.
"Payday loan kiosks and online applications are particularly dangerous because they can appeal to people caught in desperate situations who need money fast," Laura Bianchi said.
If you know someone who needs support with payday lending, Redfern Legal Centre's Credit and Debt service can help.
Call us for free and confidential advice on 9698 7277.
Read the full article here (Ten Daily, 21 February 2019)