NATSIWA and Marrahaw Law have put together a fact sheet on payday lending.
The key questions are:
- If you are short on money to pay bills, are payday loans a good idea?
- How much money can you borrow from payday lenders?
- Are credit checks conducted?
- What are the fees and interest rates
- What are the potential risks with payday loans?
- Are there alternative options to payday loans?
- What to do if you are experiencing a debt problem? If you have any issues, you can contact:
- National Debt Helpline – they are a not-for-profit service that offers a professional financial counsellor for free and independent advice. ph: 1800 007 007
- Australian Financial Complaints Authority ph: 1800 931 678
- ASIC Money Smart Guide website: www.moneysmart.gov.au