Support Fair Finance - change the law

Draft legislation to make payday loans and consumer leases (rent-to-buy) financially safer has been released for comment. We need your help now to get these important reforms over the line.

To make this Parliamentary vote an emphatic YES, please use this form to write a supportive email to your local Member of Parliament – and get these reforms made law.

The reforms will tackle predatory lending by:

Limiting repayments for payday loans and consumer leases so that no person can spend more than 10% of their net income on either product*.
Placing a cost cap on what providers can charge for ...

Draft legislation to make payday loans and consumer leases (rent-to-buy) financially safer has been released for comment. We need your help now to get these important reforms over the line.

To make this Parliamentary vote an emphatic YES, please use this form to write a supportive email to your local Member of Parliament – and get these reforms made law.

The reforms will tackle predatory lending by:

Limiting repayments for payday loans and consumer leases so that no person can spend more than 10% of their net income on either product*.
Placing a cost cap on what providers can charge for consumer leases for the first time, at 4% of the retail price per month for a maximum of 48 months.

These reforms aim aim to ensure that repayments aren't unaffordable on payday loans that attract comparison interest rates of between 407% and 112% and reduce the obscene cost of some consumer leases – the Government regulator ASIC found a clothes dryer with an equivalent interest rate of 884%.

The payday lenders and the consumer lease providers are trying to stop these reforms from passing into law. We need your help - please tell your MP that you support Fair Finance today, and show your support for better laws to control these expensive and exploitative financial products. Every email sent gets us closer to better laws.

If you have a personal experience with unaffordable payday loans or consumer leases, that affected you, a family member, or someone you have helped through your work, please consider including that story with your email. It will help your MP understand the real harm these products are causing.

* This measure will be incorporated in regulations that sit alongside the Parliamentary Bill

+

Email your Federal Member of Parliament

154 emails sent

If you have a personal story, edit the subject line and email to make a bigger impact.

Find your local rep

Compose your email

Subject:

I am counting on you, as my representative in Parliament, to make expensive financial products safer and more affordable for low income and financially struggling Australians.

The Treasury has released the exposure draft for the National Consumer Credit Protection Amendment (Small Amount Credit Contract and Consumer Lease Reforms) Bill 2017 that consumer experts say is worth supporting.  I ask you to vote in favour of these critical reforms when they come before the Parliament.

For too long, Australians have been harmed by rip-off consumer leases and exploitative payday loans. We also know that the Australian Securities and Investments Commission has taken action against payday lenders and lease providers for irresponsible lending time and time again – these proposed laws will mean a big improvement to how the industry operates.

I found the following information about the true cost of these products really helpful, and recommend you visit consumeraction.org.au/supportfairfinance if you would like to read more.

How we use the data you enter on this form

Do Gooder (the advocacy platform powering this online action) processes personal information from you that you enter on this form so that we can provide the functions and related services to you and The Campaigner (the organisation responsible for this online action) for their legitimate purposes, including possibly exporting it to other systems, and to effectively respond to enquiries and communications related to those services.

Specifically when you enter:

Your location data (residential address or postcode) it is used to locate your elected representative, to pre-populate your email signature and to provide The Campaigner with a visualisation of the location of the support for this campaign.
All other data you may enter, including your email address, name, telephone number, commentary and so on is used by The Campaigner to advocate for the campaign’s goals and where required may be sent to the target of the campaign.

The data collected by Do Gooder is also used by us in aggregate form to improve the service and may be held on your behalf outside your country of residence by our third party service providers. These providers are bound by contract to only use personal information on our behalf, in accordance with agreed terms. While the privacy laws of the country in which personal information is stored or transferred may be different from those in your country, we will always have safeguards in place when storing or transferring personal information. We will never sell, rent, loan or in any other way pass your information on to other parties other than to provide this service to you and The Campaigner.

The personal information collected by Do Gooder is held subject to a Data Processing Agreement between Do Gooder and The Campaigner in compliance with the EU's GDPR and Australian law.

Learn more about our privacy policy here

How is my data used?