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Payday lenders, 'buy now, pay later' providers and "debt vultures" to face Senate inquiry

This month the Senate called for an inquiry into the credit and financial services targeted at Australians at risk of financial hardship. The inquiry will shine a light on tactics employed by payday lenders and creditors offering rent-to-buy contracts in their dealings with vulnerable Australians.

Our Legal Clinics have found people experiencing homelessness and other related forms of disadvantage are often left vulnerable when engaging in financial transactions and are unaware of their rights under the law.

We welcome this inquiry and the opportunity it provides us to highlight the impact these loans have on people experiencing significant financial stress.

The announcement of the inquiry has been covered by the ABC and the Australian Financial Review.

 

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