Around 12 million Americans take out payday loans to help them pay for monthly expenses.
andriano_cz/iStock / Getty Images Plus via Getty Images
Understanding why people underpredict expenses could help them budget more accurately – and even encourage them to save more money.
Payday lender Cigno has exposed the limitations of ASIC powers intended to protect consumers from harm.
The Postal Service has over 30,000 retail locations in the U.S, including off the Appalachian Trail in Caratunk, Me.
AP Photo/Robert F. Bukaty
About a quarter of census tracts with a post office lack a credit union or community bank, making the US Postal Service an efficient way to help more Americans get low-cost bank accounts.
A little cash can be costly.
AP Photo/Sid Hastings
Use of installment loans has grown dramatically in recent years – all without the regulatory scrutiny that tamped down on abuses in the payday loan market.
High street pawnbrokers are closing, which means less options for financial help.
Tony Baggett/ Shutterstock
The closure of high street pawnbrokers like Albermarle and Bond might leave many without financial help.
Businesses are structuring their lending practices to exploit loopholes in consumer credit laws.
Here are the four common lending practices identified by the Australian inquiry into credit and financial services targeted at those at risk of financial hardship.
Pressmaster / Shutterestock
Many millions are in need of short-term credit to supplement poor and exploitative pay.
The spotlight is on Wonga.
Ink Drop / Shutterstock.com
Far too many people in Britain rely on high-cost short-term credit from alternative lenders.
Many people on low incomes are paying dearly for access to credit.
People on the lowest incomes pay the most to borrow money, even when it’s for essentials.
Banking in a highly financialised society like Britain could be seen as akin to a fundamental human right.
Black Friday and Cyber Monday start the frenzy of Christmas spending. Don’t let them lure you in with their deals.
Access to small loans is getting easier, but not everyone is resilient enough to manage their finances.
Image sourced from shutterstock.com
The payday lending sector is under scrutiny again after the Australian Securities and Investment Commission’s investigation into Nimble. After failing to meet responsible lending obligations, Nimble must…
Easing your path to lending.
One day, your Facebook posts and Tweets might convince lenders to drop you some cash. Until then, here are five simple ways to help open up the bank vaults.
How much do alternative financial services aimed at people on low incomes contribute to their indebtedness?
Image sourced from www.shutterstock.com
Despite an emerging market in alternative financial services for people on low incomes, little is really known how these Australians manage their money.
Cuddly Little Owl
New regulation in the UK shows how payday lending can be done responsibly.
There will always be lenders happy to fund customers at high interest rates. But alternatives are needed for the financially excluded.
Image sourced from Shutterstock.com
The number of Australians getting caught in a repetitive cycle of payday loans is growing, but in many cases they have little choice.
Many people see a payday loan as less risky than a credit card.
Image sourced from Shutterstock.com
Before calling for more regulation to combat predatory lending practices, consumer advocates should consider wages and the problem of insecure work.
Every week is shark week in the sometimes shady world of consumer finance.
Consumers will always make ‘irrational’ financial decisions, but behavioural economics could help regulators improve their education role.
Laden with debt.
Andy Dean Photography via Shutterstock
As retailers encourage us to spend, spend, spend, the steady growth in both personal debt and income stagnation appears to show little sign of abating. This increase in personal debt is a growing problem…
Could job centres double up as loan providers too?
J J Ellison
If you rely on benefits, accessing a trustworthy financial system is hard. This is the case for both borrowing and for saving. While some question whether people on benefits are in a position to save at…