Consumers seek out personal loans to fund expenses that a traditional loan may not cover. They use personal loans to consolidate debt, including credit card and medical debt; to fund a new business venture or as a small business loan; or to cover home repairs. Some even use loans to fund events such as a wedding or vacation. To the lender, your ability to repay the loan is more important than what you plan to use the loan for.
Personal loans are often unsecured and require no hard to get personal loans. Loan seekers with marginal credit may be able to obtain this type of loan with the help of a cosigner.
Payday Loans. These loans are usually small, short term and available to those with high-risk or marginal credit. They are called payday loans because, originally, the loan term lasted only till the borrowers next payday.
"The company has been given an extensive release by ASIC, and entry into the EU is without admission of wrongdoing. " Denise Boyd from the Consumer Action Law Centre told the ABC that ASIC's action is "very welcome" but there is "a deep rooted problem in the payday lending industry".
"The industry seems to be unable or unwilling to lend responsibly," she said. "If the biggest player in the market has been found hard to get personal loans have such a serious problem that now has to pay back millions of dollars to people that it has irresponsibly lent to, then I think it throws a serious question mark over the legitimacy and responsibility of the entire industry.
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