Times are tough right now. A lot of people are hurting…Unfortunately, one business strives in time of hardship – at the expense of others.

We all borrow money, right? It is a fact of life. I borrow money for a house and have a credit card. Others borrow money for cars, holidays and some need to borrow money to put food on the table.

When people need some extra $$ it is and can’t go to a bank. Sometimes they have to go to a payday lender. And the lenders are not hard to find. in fact, they will find you. They will start popping up in your online searches and online advertising when they discover you are looking for money. 85% of new payday loans originate online.

With Covid 19 destroying many families income, unfortunately, many are going to need financial help. But before you consider a payday lender, you must know the truth.

Payday lenders can lend a maximum of $2000 to a customer however they can charge up to 407.6% interest per annum. Some customers have had to pay back 990% interest and fees.

Between April 2016 and June 2019, 4.7 million payday loans were written in Australia worth about 3.2 Billion Dollars.

Data shows that about 15% of customers of payday loans will fall into a debt spiral.

Of course, people have to put food on the table, and sometimes there is no other option. But if you can… AVOID PAYDAY LOANS.

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