More than 30,000 payday loans targeting the financially vulnerable taken out each week
The short-term, high-interest loans for amounts up to $2,000 can charge annual interest rates as high as 407% and lead to a debt spiral Payday loans targeting the financially vulnerable are being taken out at the rate of more than 30,000 a week, with the amount borrowed in Australia on track to be worth $1.7bn…
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