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Payday lenders growing quicker compared to the banks

Payday lenders growing quicker compared to the banks

Since April 2016, 3 million extra pay day loans totalling $1.85 billion have now been compiled by about 1.6 million Australian households, relating to research conducted by Digital Finance Analytics.

Outside Link Datawrapper – Growth in non-bank lenders

The consultancy — which conducts research for a variety of organizations and regulatory systems such as the Reserve Bank of Australia plus the Australian Securities and Investments Commission — discovered within that time about one-fifth for the loans, or just around 332,000 households, had been brand brand new payday borrowers.