Digital Finance Analytics (DFA) Blog
"Intelligent Insight"
DFA provided data from our household surveys to inform an important report “The Debt Trap” released by more than 20 agencies helping consumers with their financial pressure. Our research, based on our rolling 52,000 households reveals that more households are using short term loans to try and manage their budgets, but many get trapped into … Continue reading “DFA Highlights Payday Lending Is Driving Australians Into Debt”
The Senate will review the regulatory environment surrounding payday lenders and consumer leasing businesses and also buy now, pay later schemes such as Afterpay. The scope will likely also include debt negotiation firms and credit repair agencies, who offer “services” which are unregulated and often costly. Given the high and rising levels of household debt … Continue reading “Yet Another Inquiry Into Payday Lending And Beyond”
We discuss our latest research into the payday lending sector
Since the Government released the report of the Independent Panel’s Review of the Small Amount Credit Contract Laws in April 2016, three million additional loans have been written, worth an estimated $1.85 billion and taken by some 1.6 million households. In that time, around one fifth of borrowers or around 332,000 households, were new payday … Continue reading “Payday Pain Still Grips”
ASIC says it has obtained orders winding up Fast Access Finance Pty Ltd, Fast Access Finance (Beenleigh) Pty Ltd and Fast Access Finance (BurleighHeads) Pty Ltd (the FAF Companies) for their failure to pay fines for breaching consumer credit laws. Mr Anthony Castley of William Buck has been appointed as the liquidator. In March 2017, … Continue reading “ASIC Winds Up Payday Lending Companies for Unpaid Fines”
ASIC says it has banned Mr Robert Legat from engaging in credit activities for a period of three years following the penalty decision of the Federal Court on 10 March 2017. The Court had previously found that payday lenders Fast Access Finance Pty Ltd, Fast Access Finance (Beenleigh) Pty Ltd and Fast Access Finance (Burleigh … Continue reading “ASIC bans director of unlicensed payday lender”
From Mortgage Professional Australia. User pays model applies to 2017/18 Financial Year, meaning brokers are already accumulating costs. Brokers are at risk of being caught out by ASIC’s user-pays model, an industry expert has warned. ASIC’s user-pays model came into effect on Saturday 1st July and could cost businesses with credit representatives thousands of dollars … Continue reading “You’ve been paying for ASIC since Saturday”
ASIC says, following ASIC action, the Federal Court has today fined payday lenders Fast Access Finance Pty Ltd, Fast Access Finance (Beenleigh) Pty Ltd and Fast Access Finance (Burleigh Heads) Pty Ltd (the FAF Companies) a total of $730,000 for breaching consumer credit laws by engaging in credit activities without holding an Australian credit licence. … Continue reading “Payday lenders fined $730,000 for diamond trading ‘sham’”
After eight years of unrelenting scrutiny and billions of dollars in legal settlements, the banking industry suddenly is facing a more hospitable political climate in Washington next year, says AFP. Prior to November 8, Wall Street had been girding for a potential Democratic victory that would have empowered progressive firebrands like Massachusetts Democrat Elizabeth Warren, … Continue reading “Big banks in US could see fat payday under Trump”
Following an independent review of payday lending laws, ASIC has taken steps to ensure consumers are not charged direct debit fees when taking out a small amount loan. This new rule will apply to any payday loan provided from 1 February 2017. It is facilitated by the repeal of interim ASIC Class Order [CO 13/818] … Continue reading “Consumers will no longer be charged direct debit fees for payday loans”
