| The Minister for Superannuation and Corporate Law, | | | | completely informed choice whether to loan and what |
| Nick Sherry, released a draft of the new legislation | | | | the loan terms and fees actually consist of. This |
| designed to increase responsible lending to Australian | | | | means no more hidden fees, charges or policies we |
| consumers. This is good news! It is terrible we even | | | | are unaware of. |
| need to worry, but the sad fact is online payday loans | | | | 2. More stringent lending by the consumer. |
| in Australia, have traditionally been plagued by | | | | The new law would also require more information |
| schemes and scams. Here we are in trouble and | | | | from us, the consumer. This would include credit |
| needing emergency cash to get us through till the next | | | | checking. This is also good. We need to constantly be |
| payday, and we get taken advantage of in our | | | | watching our financial and lending habits, and more |
| desperation. | | | | accountability for the lender and borrower just helps us |
| The new proposed law would try and increase | | | | stay viable, and out of financial trouble.There is nothing |
| responsible lending in two ways; | | | | wrong with needing a cash advance or emergency |
| 1. More accountability for lenders. | | | | cash obviously. But realizing that the nature of payday |
| This legislation will demand that only payday loan | | | | loans are short term and not meant to solve long term |
| companies that are following "responsible lending" | | | | financial trouble is important for our financial health. |
| guidelines can get licensed and that unlicensed vendors | | | | So good on the Australia Government for trying to |
| would now be criminal. Short term loan companies that | | | | make online payday loans safer and scam free. All in |
| are in compliance will need to give more information up | | | | all, the proposed laws are great for Australian |
| front. This will allow us in Australia to make a | | | | consumers and for the payday loan industry in general. |