John Lamidey is Britain’s cash advance sector chief, is in Australia and discussed the us government’s risk to cat interest levels on payday advances.
Transcript
TICKY FULLERTON, PRESENTER: Due to the fact saying goes, it is lot more straightforward to get ten dollars million in loans from the bank when compared to a $100 loan.
In current months we have covered the pay day loan story, utilizing the Government determined to cap the high rates of interest on short-term loans and also the payday loan company that is biggest threatening to simply take its business off-shore.
The stakes are high and now have triggered interest from Britain, where there are not any caps that are such.