Advice for Worried Consumers - This is Responsible Short Term
Lending
Released
on: October 30, 2008, 6:04 am
Press
Release Author: Cash
Doctors
Industry:
Financial
Press
Release Summary: Australian consumer groups are concerned with
payday lending practices. Cash Doctors have been exemplified as
one of the only Australian lenders that play by the rules. Here's
what we do differently.
Press
Release Body: As of Thursday 31 July 2008, a 48% interest rate
capping legislation was made effective in Queensland.
According
to Today Tonight's report 28th of October, most payday lenders
are not applying to the new legislation and use loop holes to
keep interest rates on their short-term loans as high as possible.
Keeping
within strict compliance of the new legislation, Cash
Doctors, the dominant short term online lender in Australia,
launched a new product on 1 July - 24/7 loans for its members
– a world first.
The
revolutionary Cash Doctors product allows members
to apply, be approved and actually
access cash within 2-3 minutes, 24 hours a day, 7 days a week
from anywhere in Australia.
The
innovative new financial product is both convenient for consumers
and compliant with interest rate capping legislation.
When
clients first join Cash Doctors, they are approved
for a year's worth of cash advances. They can however, only access
$100 - $600 at any one time. If the client’s capacity to
repay is affected by changes in employment, income or accommodation
expenses further advances are reduced or prohibited.
The
product is a great alternative to the large unchecked credit card
limits that lead consumers into overspending and indebtedness.
Cash
Doctors CEO Nick Auchincloss says it takes convenience
and responsible lending to new levels, "We're always
looking to innovate in line with our mission to help people have
more money and live freely in both the short and long run. This
product helps members get a prescribed amount of cash around the
clock, but only allows them to take a little at a time as long
as their circumstances have not changed. We've managed to improve
convenience while maintaining our extremely responsible lending
practices."
"Short
term lending is getting more attention lately and unfortunately
Cash Doctors is often bundled in with other industry participants,
when we're actually doing things very differently."
"Some
consumer and government groups rightly criticise payday lenders
for lending to vulnerable people, causing debt spirals, poor disclosure,
charging excessively and hidden costs. We do none of these things.
Our clients are all employed, every loan is carefully underwritten
and our transparency and fairness of our lending policies is second
to none."
"Now
we're delighted to be there for our members every hour of every
day, any day of the year, giving them what they need within 2-3
minutes. Months of work have gone into this and the feedback from
clients so far is terrific."
Web
Site: http://www.cashdoctors.com.au
Contact
Details: Suite 203, 40 Nerang St
Southport, 4215
Queensland
Australia
0061 07 55912850
2009
