Money

Why we’ve said no to pay day lenders

Published on July 19, 2017 6:50 am, by

Sometimes we are approached by pay day lenders who want to partner with us.

We have never partnered with a pay day lender and probably never will.

In fact, our mission is to help as many people as possible avoid using pay day lenders.

It is hard to see how borrowing small amounts of money, for short periods of time and:

  • Paying 20% of the principal to establish the loan
  • Paying 4% per month interest
  • Being slugged with an Annual Percentage Rate of almost 70%

can be a good thing for our customers.

If you need help to manage your debt you could consider options like:

  • Negotiating with your credit provider/bank. Each financial institution has an area that look after customers suffering financial hardship
  • Negotiating with utility providers – electricity, gas, water and phone. All the major utility companies also have areas that look after customers suffering financial hardship
  • Applying for a no interest loan. Further information is available from NILS
  • Borrowing from family or friends
  • Financial counselling. Further information is available from the National Debt Helpline

Alternatively, drop us an email at connect@moneybrilliant.com.au and we will put you in touch with organisations that might be able to help (and won’t cost you an arm and a leg).

Share now

Peter is the CEO of MoneyBrilliant. He has over 20 years experience in banking, insurance and accounting. Peter has three sons, ranging in age from 16 to 3, is a sport and fitness fanatic and a volunteer firefighter. He is passionate about improving people's lives through making financial services more accessible.

Still searching?