Customer Action Koori Assistance: The Trap With Short Term LoansPay day loans (short-term cash, quick cash) are promoted on television in addition to internet to lure you into getting money quickly to pay for bills or cash owing. Payday advances can be a trap leading to more financial anxiety and difficulty.
Customer Action Koori Help provides information and help for Aboriginal and Torres Strait Islander community members working with consumer problems such as for example payday advances.
If you want help, go to their site or call their free Koori Helpline: 1800 574 457
The trap with pay day loans
Standard Rates
In the event that you neglect to spend back once again the mortgage regarding the deadline you may often be charged standard charges which can be put into the debt. The total quantity that could be charged in standard costs may be as much as twice the quantity you borrowed.
Direct Debit
Once you join a debit that is direct loan providers usually takes money directly from your banking account once money strikes it.
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