Payday lenders growing quicker compared to banks

Payday lenders growing quicker compared to banks

Since April 2016, 3 million extra payday advances totalling $1.85 billion have already been compiled by about 1.6 million Australian households, based on research carried out by Digital Finance Analytics.

Outside Link Datawrapper – Growth in non-bank lenders

The consultancy — which conducts research for a selection of businesses and regulatory systems like the Reserve Bank of Australia plus the Australian Securities and Investments Commission — discovered within that time about one-fifth for the loans, or around 332,000 households, had been brand brand new payday borrowers. Continue reading