Media release: Pensioner sues two Cash Converters lenders in the Magistrates’ Court
A Victorian Disability Support Pensioner has issued proceedings in the Magistrates' Court against two Cash Converters lenders.[1] Consumer Action's client alleges that over approximately a three year...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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,...
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...
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...