Policy report: A snapshot of consumer experiences of short-term loans post the national consumer credit reforms
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.
Mission Incomplete, a new report released by the Consumer Action Law Centre, offers a snapshot into the experiences of twelve pay-day lending clients and details the high social and financial costs of an industry estimated to be worth $200 million.
