The high-cost short term credit agreement is usually timed with a consumer's pay-day but many fall into debt, while the lenders gain profits due to attached costs.
More than 135,000 of these loans are being written every month.
Pay day loans leave vulnerable people worse off
More than 135,000 pay day loans are written every month Source: Getty Images
The Consumer Action Law Centre is concerned vulnerable Australians, including new migrants, are often financially worse off after accessing payday loans.
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