Payday Lending Companies Australia
ASIC defines a payday lender as
- Define small amount contracts as 1 year or less, keeping the amount as $2000 or less;
- Cap costs for loans under $2000 to a maximum of 20 % of the amount of credit upfront and 4 % for each month of the loan;
Google ring fences payday lenders and forces them to use the words "Payday" in their creatives. How does Google decide who a payday lender is?
You can see companies such as Cash Converters and Cash Train have been ring fenced yet companies such as Nimble haven't.
Is it just a case that Google hasn't caught up with them to ring fence them yet?
iRe: Payday Lending Companies Australia[ Edited ]
August 2014 - last edited August 2014
Interesting situation. I won't claim any authority on the situation, but will offer some potential insight. It may simply be a case that they still have to be 'ring fenced' or they may be exempt for some reason, Perhaps they are targeting countries without the restrictions and have now only recently expanded to countries that do.
That being said, is this an issue for your business? how is this effecting you? would you like help on a specific issue?
Re: iRe: Payday Lending Companies Australia