Vinnies blasts loan sharks
'Outraged' by the high interest rates and fees charged by fringe credit providers, the St Vincent de Paul Society in Queensland has welcomed the State Government's proposed crackdown.
The Society's State President Tim O'Connor told The Catholic Leader that "pay day lenders" who exploit desperate and marginalised people are "unscrupulous and unethical".
The Queensland Government's Office of Fair Trading has proposed to cap the interest rates and fees charged.
"The sooner the proposed regulations are implemented the better," Mr O'Connor said. "Struggling victims are finding themselves making huge repayments of interest between 250% and 1300% on amounts borrowed.
"Battlers living from day to day, hoping to make ends meet, find themselves desperate when an unexpected bill arises or they need emergency cash in between pay periods."
Office of Fair Trading (Qld)
Green Light For Loan Shark Charges Cap (Qld Dept of Fair Trading)