Payday loans in Australia are continuing to grow, according to a news report, around 1.77 million Australian households have taken out 4.7 million payday loans in the past three and a half years. When you are in a financially challenging place, it can be harder to see the signs of a loan scam. So when it comes to a payday…
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
For information about other options for managing bills and debts, talk to 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
If you are on government benefits, ask if you can receive an advance from Centrelink – website: https://www.servicesaustralia.gov.au/individuals
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
