ASIC to investigate predatory pay day loan industry

If you think your credit card is bad, imagine paying 400% monthly interest along with a 'same day deposit fee', a 'financial supply fee', a 'lender fee', a 'dishonour fee', a 'dishonour letter fee', and three separate iterations of the 'account keeping fee'.

Payday lenders prey on the most financially disadvantaged and vulnerable by offering very small, low doc loans to those who can't get finance anywhere else at very, very high (and often undisclosed) interest rates. Hopefully investigation by ASIC will curtail or shut the practice altogether.

ABC News