Published: December 12, 2018
Industry group says it has no compliance problem and urges MPs to target unregulated lenders
Vulnerable Australians are agreeing to share their internet banking passwords so payday lenders can see their transaction history before lending them money, an inquiry has heard.
The practice is placing poorer Australians in breach of the terms and conditions of their transaction accounts, leaving them open to bearing losses in the event of unauthorised access to their bank accounts by third parties, financial counsellors have warned.
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