[1] https://static.treasury.gov.au/uploads/sites/1/2017/06/C2016-016_SACC-Final-Report.pdf p. 3

 

[2] Financial Conduct Authority, FS17/2 Feedback Statement: High-cost credit including review of the high-cost short-term credit price cap, July 2017, available at: https://www.fca.org.uk/publications/feedback-statements/fs17-2-high-cost-credit.

 

[3] http://www.ncpa.net.au/assets/reports/2017/Core%20Data%20SACC%20Report%20Dec%202016.pdf

 

 

[4] Comparison rate calculations completed using RiCalc software assuming maximum permitted fees and charges, and fortnightly repayments. 407.6% comparison rate calculated using a 30 day loan of $200 with total repayments of $248. 112.1% comparison rate calculated using a 12 month loan of $1,000 with total repayments of $1,680.

 

[5] https://static.treasury.gov.au/uploads/sites/1/2017/06/C2016-016_SACC-Final-Report.pdf p 21. These findings are consistent with findings of the Competition and Markets Authority (CMA) in the United Kingdom, which found that customer demand responded weakly to prices and that competition between payday lenders on prices was largely ineffective: Financial Conduct Authority, High-cost credit including review of the high-cost short-term credit price cap, July 2017, p. 23, available at: https://www.fca.org.uk/publication/feedback/fs17-02.pdf.

 

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