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Payday Loans In Australia
Payday loans in Australia are part of the small loans market, which was valued at around $400 million a year in the 12 months to June 2014. The growth of this market mirrors the growth in Canada, the United Kingdom, and the United States. Because the market for small loans is becoming more defined, the regulatory authorities and the larger financial organizations are beginning to take a much closer interest. Most fringe lending is now covered by the Uniform Consumer Credit Code (UCCC); but, in the past this industry was not very highly regulated, and some lenders still continue to use loopholes to avoid the UCCC. A report from 4 Corners found that some lenders utilise bait and switch methods to circumvent laws regarding establishment fees and interest. Payday lenders have also come under fire due to accusations of predatory lending and charging excessively high interest rates. For payday loan amounts up to $2,000, Australia has a fee cap of 24% per $100 borrowed, made up of a 2 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payday Loan
A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a short-term unsecured loan, often characterized by high interest rates. The term "payday" in payday loan refers to when a borrower writes a postdated check to the lender for the payday salary, but receives part of that payday sum in immediate cash from the lender. However, in common parlance, the concept also applies regardless of whether repayment of loans is linked to a borrower's payday. The loans are also sometimes referred to as "cash advances", though that term can also refer to cash provided against a prearranged line of credit such as a credit card. Legislation regarding payday loans varies widely between different countries, and in federal systems, between different states or provinces. To prevent usury (unreasonable and excessive rates of interest), some jurisdictions limit the annual percentage rate (APR) that any lender, including payday ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australia
Australia, officially the Commonwealth of Australia, is a sovereign ''Sovereign'' is a title which can be applied to the highest leader in various categories. The word is borrowed from Old French , which is ultimately derived from the Latin , meaning 'above'. The roles of a sovereign vary from monarch, ruler or ... country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. With an area of , Australia is the largest country by area in Oceania and the world's sixth-largest country. Australia is the oldest, flattest, and driest inhabited continent, with the least fertile soils. It is a megadiverse country, and its size gives it a wide variety of landscapes and climates, with deserts in the centre, tropical Forests of Australia, rainforests in the north-east, and List of mountains in Australia, mountain ranges in the south-east. The ancestors of Aboriginal Australians began arriving from south east Asia approx ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loophole
A loophole is an ambiguity or inadequacy in a system, such as a law or security, which can be used to circumvent or otherwise avoid the purpose, implied or explicitly stated, of the system. Originally, the word meant an arrowslit An arrowslit (often also referred to as an arrow loop, loophole or loop hole, and sometimes a balistraria) is a narrow vertical aperture in a fortification through which an archer can launch arrows or a crossbowman can launch bolts. The interi ..., a narrow vertical window in a wall through which an archer (or, later, gunman) could shoot. Loopholes were commonly used in U.S. forts built during the 1800s. Located in the sally port, a loophole was considered a last ditch defense, where guards could close off the inner and outer doors trapping enemy soldiers and using small arms fire through the slits. Loopholes are distinct from lacunae, although the two terms are often used interchangeably. In a loophole, a law addressing a certain issue exists, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Four Corners (Australian TV Program)
''Four Corners'' is an Australian investigative journalism/current affairs documentary television program. Broadcast on ABC TV, it premiered on 19 August 1961 and is the longest-running Australian television program in history. The program is one of only five in Australia inducted into the Logie Hall of Fame. History ''Four Corners'' is based on the concept of British current affairs program ''Panorama''. The program addresses a single issue in depth each week, showing either a locally produced program or a relevant documentary from overseas. The program has won many awards for investigative journalism. Including 23 Logie Awards and 62 Walkley Awards. It has broken high-profile stories. A notable early example of this was the show's 1962 exposé on the appalling living conditions endured by many Aboriginal Australians living in rural New South Wales. Founding producer Robert Raymond (1961–62) and his successor Allan Ashbolt (1963) did much to set the ongoing tone of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Establishment Fee
An origination fee is a payment associated with the establishment of an account with a bank, broker or other company providing services handling the processing associated with taking out a loan. An origination fee is typically a set amount for any account. However, an origination fee usually varies from 1.0% to 5.0% of a given loan amount, depending on whether the loan was originated in the prime or the subprime market. For example, an origination fee of 10% on a $10,000 loan is $1,000. Discount points are used to buy down the interest rates, temporarily or permanently. Origination fees and discount points are both items listed under lender-charges on the HUD-1 Settlement Statement. Regulation Z The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing ... was enacted to protect buyers from abu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Predatory Lending
Predatory lending refers to unethical practices conducted by lending organizations during a loan origination process that are unfair, deceptive, or fraudulent. While there are no internationally agreed legal definitions for predatory lending, a 2006 audit report from the office of inspector general of the US Federal Deposit Insurance Corporation (FDIC) broadly defines predatory lending as "imposing unfair and abusive loan terms on borrowers", though "unfair" and "abusive" were not specifically defined. Though there are laws against some of the specific practices commonly identified as predatory, various federal agencies use the phrase as a catch-all term for many specific illegal activities in the loan industry. Predatory lending should not be confused with predatory mortgage servicing which is mortgage practices described by critics as unfair, deceptive, or fraudulent practices during the loan or mortgage servicing process, post loan origination. One less contentious definition o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Securities And Investments Commission V Rich
''Australian Securities and Investments Commission v Rich'', was one of the biggest civil cases in NSW Supreme Court history, in which the Australian Securities and Investments Commission accused former executive directors of One.Tel telecommunications company, Jodee Rich and Mark Silbermann, of having failed to meet their duty of care in the months leading up to the company's collapse in May 2001. The legal process ran for almost nine years, took up 232 sitting days and generated 16,642 pages of transcripts. In November 2009, the NSW Supreme Court Justice Robert Austin comprehensively dismissed ASIC's case against the Rich and Silbermann, saying the corporate regulator had failed to prove any aspect of its pleaded case against either defendant. Facts One.Tel was a service provider of GSM mobile and long-distance calls formed by Rich (with James Packer as a shareholder) in Australia in 1995. One.Tel expanded its operations overseas in 1998 an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cash Converters
Cash Converters International Limited (Cash Converters or Cashies) is an Australian ASX-listed personal finance and secondhand retail company headquartered in Perth, Western Australia. History Cash Converters was founded in Perth, Western Australia, in 1984 by Brian Cumins and a group of partners. Within four years, the network had opened a further six outlets across Perth. The Company commenced its international expansion in the mid-1990s establishing operations in New Zealand, the United Kingdom (UK), France, Belgium, South Africa, Italy and other markets. As of 30 June 2021, the Company operated 693 stores across 15 countries, with all non-Australian stores managed through franchising agreements. The group listed on the London Stock Exchange (LSE) in 1995 and was then granted a dual listing on the ASX in February 1997 under the code CCV. In 2001, Cash Converters migrated its primary listing location to the ASX and subsequently delisted from the LSE on 19 February 2013 bas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Of Australia
The Australian Government, also known as the Commonwealth Government, is the national government of Australia, a federal parliamentary constitutional monarchy. Like other Westminster-style systems of government, the Australian Government is made up of three branches: the executive (the prime minister, the ministers, and government departments), the legislative (the Parliament of Australia), and the judicial. The legislative branch, the federal Parliament, is made up of two chambers: the House of Representatives (lower house) and Senate (upper house). The House of Representatives has 151 members, each representing an individual electoral district of about 165,000 people. The Senate has 76 members: twelve from each of the six states and two each from Australia's internal territories, the Australian Capital Territory and Northern Territory. The Australian monarch, currently King Charles III, is represented by the governor-general. The Australian Government in its exe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
