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MyPayNow will make you pay later, as payday lenders flood the pandemic economy – ABC News
People feeling financial strain from the coronavirus recession may be tempted by the lure of payday loans, with potentially disastrous consequences, warn consumer law and financial counselling groups.
Rachel Black knows she has a problem with managing money.
Key points:
- Consumer groups argue payday lenders exploit “loopholes” in credit laws to provide expensive loans
- Short term lenders say they can be a cheaper alternative to pawnbrokers or credit cards
- Financial counsellors urge people in financial difficulty to seek advice before turning to payday loans
She has spent the past decade in a debt spiral with various payday lenders who have been accused of ta…
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