Payday loans are promoted as a way to dig you out of trouble, but as highlighted in the Four Corners, Merchants of Debt episode of 30 March, these can soon become a debt trap.
We encourage Byron Shire residents on low incomes to turn their backs on high-cost, payday loans in favour of safer, more affordable no interest loans (NILS).
The Byron Community Centre sees financial hardship caused by payday loans in the local community on a regular basis.
With annualised interest rates of around 240 per cent, taking out just one of these loans can leave a borrower without enough money to afford day-to-day living expenses such as food and utility bills.
We are an accredited provider of the No Interest Loan Scheme (NILS), which offers small loans to people on low incomes for household items like fridges, computers and washing machines, as well as education costs and health care needs.
Residents considering a payday loan should drop by the Byron Community Centre or call us on 6685 6807 to discuss their options.
Say ‘No’ to payday loans and avoid the debt trap.
Bron Martin, coordinator, Byron Community NILS