Nimble one cent loan could be setting you up to fail

A recent report looking at use of short-term cash loans showed half of borrowers interviewed had taken out more than ten loans in the previous two years, and three quarters of this group had taken out...

April 5, 2013

Submission: ASIC Consultation Paper on an online database for small amount lenders

Joint submission with Financial Counselling Australia and the Consumer Credit Legal Service (WA) to ASIC's Consultation Paper on an online database for small amount lenders. The Consumer Action Law Ce...

March 4, 2013

Media release: Consumer Credit Legislation Amendment Bill offers mixed bag for consumers

Consumer advocates today acknowledged the passing of the Consumer Credit Legislation Amendment (Enhancements) Bill 2012 (the Enhancements Bill) by the Australian Parliament, but were disappointed at t...

August 21, 2012

Media release: New report shows why greater consumer protections are needed in payday lending

The Consumer Action Law Centre has written to the Minister for Financial Services, the Hon Bill Shorten MP, and members of the Senate in a last ditch attempt to get vital consumer protections introduc...

August 13, 2012

Media release: Credit Enhancements Bill a ‘win’ for payday lenders

Consumer advocates and financial counsellors have lamented the lost opportunity to effectively protect vulnerable Australians from exploitative payday and short term loans.  While pleased that the Gov...

June 27, 2012

Media release: ‘Payment protection plan’ sold by The Cash Store offers borrower little protection

Consumer Action Law Centre and the Consumer Credit Legal Centre NSW have questioned whether it was appropriate for payday loan broker The Cash Store to sell a ‘payment protection plan’—a loan insuranc...

June 18, 2012

Submission: Response to Commonwealth Government discussion paper on reducing reliance on payday lending

This submission: Expresses significant concerns with the way the payday lending problem is framed in the discussion paper. In particular, we do not agree that high-cost short-term lending is a neces...

June 12, 2012

Joint submission: Consumer protections for users of payday loans

The following is a joint submission in response to Treasury's April 2012 discussion paper on proposed reforms to Small Amount Credit Contracts. This submission has been prepared by Consumer Action La...

May 9, 2012

Media release: Revised payday lending Bill puts profits before people

The Consumer Action Law Centre has condemned the Federal Government’s proposed amendments to its Credit Enhancements Bill, calling them a cave in to industry lobbying and lamenting a lost opportunity...

April 25, 2012

Media release: Consumer group says Cash Converters’ process need formal investigation

The Consumer Action Law Centre has asked the Australian Securities and Investment Commission (ASIC) to undertake a formal investigation into the internal dispute resolution processes of Cash Converter...

March 8, 2012

Media release: Ombudsman asked to consider lending practices of payday loan provider

Consumer Action is lodging another dispute against a high profile payday loan provider. The most recent dispute, being lodged on behalf of Ms Jane Bowyer with the Credit Ombudsman Service, alleges The...

March 6, 2012

Community lawyers claim The Cash Store’s holiday marketing is irresponsible

A new advertisement from one of Australia’s leading payday loan brokers, The Cash Store, has raised the ire of two community legal centres, who fear the advert may result in many Victorian’s entering...

December 21, 2011

Media release: Community lawyers claim The Cash Store’s holiday marketing is irresponsible

A new advertisement from one of Australia’s leading payday loan brokers, The Cash Store, has raised the ire of two community legal centres, who fear the advert may result in many Victorian’s entering...

December 21, 2011

Media release: Committee’s report shows responsible lending laws aren’t enough

The Consumer Action Law Centre has welcomed the finding from a parliamentary committee of inquiry that Australia’s responsible lending laws don’t sufficiently protect consumers from harmful payday loa...

December 2, 2011

Media release: Time for the Federal Opposition to show its hand on payday lending reforms

A coalition of consumer groups has called on the Federal Opposition to back the Government’s proposed national credit reforms, which are designed to protect payday loan borrowers from effective intere...

November 18, 2011

Media release: Payday lending practices challenged in court

The lending practices of Australian’s biggest payday lender, Cash Converters, are being challenged in proceedings issued in the Victorian Magistrates Court. A disability support pensioner is alleging...

October 17, 2011

Media release: New website delivers the cold hard and sad facts about payday lending

A coalition of consumer and financial counselling organisations has launched a new website to ensure the hard truths are heard in the debate about the future of short term high cost loans - www.debttr...

September 21, 2011

Media release: Government reforms offer a branch to consumers stuck in high cost short term lending quicksand

The Consumer Action Law Centre has welcomed the Federal Government’s proposed cap on the amounts lenders of high cost short term loans (often referred to as 'payday loans') can recover from consumers,...

August 25, 2011

Media release: 400 per cent interest rates undermine ‘responsible lending laws’

Exorbitant effective interest rates on short term loans, upwards of 400 per cent, continue to put the pinch on vulnerable Australians despite the introduction of responsible lending laws in 2010. Mis...

June 22, 2011

Submission: National Consumer Credit Protection Amendment Regulations 2011 – exposure draft

Consumer Action welcomes the opportunity to comment on the exposure draft of the National Consumer Credit Protection Amendment Regulations 2011, setting out the proposed amendment to ban exit fees on...

February 25, 2011