Put predatory lending on hold

Put predatory lending on hold

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With more and more people worried about paying the bills due to the Covid-19 health crisis, it's only a matter of time before we see an onslaught of reckless lenders preying on people struggling to make ends meet.

Payday lenders and rent-to-buy operators are exploitative businesses that stand to gain from this economic downturn. Equivalent interest rates for a short-term payday loan can be more than 400% per annum. These loans are aggressively marketed to people in desperate circumstances. They are very easy to get, but much harder to escape. People across Australia are going to end up in ...

With more and more people worried about paying the bills due to the Covid-19 health crisis, it's only a matter of time before we see an onslaught of reckless lenders preying on people struggling to make ends meet.

Payday lenders and rent-to-buy operators are exploitative businesses that stand to gain from this economic downturn. Equivalent interest rates for a short-term payday loan can be more than 400% per annum. These loans are aggressively marketed to people in desperate circumstances. They are very easy to get, but much harder to escape. People across Australia are going to end up in a harmful debt spiral, unless the Government steps in to help.

Will you sign the petition calling on Prime Minister Scott Morrison and Treasurer Josh Frydenberg to urgently stop payday lending and rent-to-buy activity for at least six months?

 

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Sign the petition

For someone who is unable to pay for daily essentials like food and rent, payday loans and rent-to-buy schemes are a recipe for financial disaster.

This business model, with its high fees and eye-watering interest rates, relies on exploiting people and forcing them to take out loan after loan after loan.

Sign the petition calling on Prime Minister Scott Morrison and Treasurer Josh Frydenberg to put all predatory lending on hold as a matter of urgency.

Dear Prime Minister Scott Morrison and Treasurer Josh Frydenberg,

Right now, millions of people are in a very precarious position. Predatory companies are in a prime position to profit off this situation if we let them.

We call on the Government to immediately put in place a moratorium on all payday lending and rent-to-buy activity for at least six-months, in order to protect people who are struggling to make ends meet.

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