Four reasons lending that is payday nevertheless thrive despite Nimble’s $1.5m penalty

Four reasons lending that is payday nevertheless thrive despite Nimble’s $1.5m penalty

Writers

Professor of personal Policy / Research Director, Centre for Social Impact, UNSW

Analysis Fellow – Centre for Personal Influence, UNSW

Senior Research Fellow, Centre for Personal Influence, UNSW

Disclosure statement

Kristy Muir receives funding through the Australian Research Council, Australian Charities and Not-for-profits Commission, Australian Government Department of Employment, the NSW Department of Family and Community Services, nationwide Australia Bank, ten20 Foundation and First Nations Foundation. Kristy is leading the study on conceptualising and calculating economic resilience in Australia (funded by the nationwide Australia Bank) and it is associated with Good Shepherd Microfinance through the Financial Inclusion Action Arrange.

Fanny Salignac gets funding from nationwide Australia Bank and First Nations Foundation.

Rebecca Reeve receives funding through the Australian Charities and Not-for-profits Commission, nationwide Australia Bank and First Nations Foundation. Rebecca is associated with Good Shepherd Microfinance through the Financial Inclusion Action Arrange.

Lovers

UNSW provides money as a known user for the discussion AU.

The discussion UK gets funding from all of these organisations

The payday financing sector is under scrutiny once more following the Australian Securities and Investment Commission’s investigation into Nimble.

After neglecting to fulfill accountable financing responsibilities, Nimble must refund a lot more than 7,000 clients, at a high price of greater than A$1.5 million. Besides the refunds, Nimble must pay a$50,000 also to Financial Counselling Australia. Read more

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