ASIC objectives payday loan providers asking 1000pc interest

ASIC objectives payday loan providers asking 1000pc interest

Two Gold Coast-based payday lenders charging you interest levels since high as 990 % could be the very first objectives associated with the Australian Securities and Investments Commission’s brand brand new item intervention capabilities, provided because of the government in April.

In a consultation that is new released on Tuesday, ASIC proposes intervening in a company model so it claims factors “significant customer detriment” by asking huge interest levels on loans as high as $1000, but that’s allowed because of carve-outs in lending legislation. (more…)

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