Read the small print on cash loans

There was a recent story saying that Queenslands State Attorney-General, Kerry Shine Has enforced a ban on Cash Converters providing payday cash loans. It is understood that the VIP Advantage Loan offered cash at over 400 per cent by getting their customers to put up collateral like DVD players etc.

Attorney General Kerry Shine advised that the 45 stores offering the cash loan will have to sign conduct deeds to outlaw the loan, Mr Shine said this is an enforceable undertaking, and that stores that do not sign may be liable for prosecution. Mr Shine also advised that more prosecutions were likely after an Office of Fair Trading investigation put one third of the 166 lenders under investigation.

Fines of up to $50,000 dollars for breaking the new cap law may have to be paid by companies who don’t do the right thing. The new cap law caps interest at 48 percent.

We at Instant Payday Loan can't stress enough how important it is to read the small print before any loan contracts are signed. Read here for more information on payday loan requirements.