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Pay day loans increase as households pressed into high-risk credit from non-bank loan providers

Pay day loans increase as households pressed into high-risk credit from non-bank loan providers

Outside Link Datawrapper – Growth in non-bank loan providers

The consultancy — which conducts research for a variety of organizations and regulatory systems such as the Reserve Bank of Australia as well as the Australian Securities and Investments Commission — discovered within that time about one-fifth regarding the loans, or around 332,000 households, had been brand brand brand new payday borrowers.

“they truly are growing much faster compared to the banking institutions at this time and I also genuinely believe that’s quite concerning, since the regulatory framework within that sector regarding the marketplace is a great deal lower,” Mr North stated.