A long-awaited crackdown on buy now, pay later services doesn’t go far enough according to a slew of submissions from consumer groups, who are pushing for tighter restrictions over how the services operate.
The draft legislation includes requiring all buy now, pay later providers to hold an Australian credit licence like any other provider of loans, from credit cards to mortgages. Though consumer and financial groups welcome many of the changes, 11 including CHOICE, Financial Counselling Australia, Indigenous Consumer Assistance Network and Consumer Action Law Centre, argue this aspect of the legislation does not provide adequate protection for users.
Last week, it sent a message to users saying that it would offer more time, on a case-by-case basis, to pay for their purchases. They will also be allowed to choose the day of the week to make those payments, to allow alignment with your pay cycle.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: theage - 🏆 8. / 77 Read more »
Source: smh - 🏆 6. / 80 Read more »
Source: brisbanetimes - 🏆 13. / 67 Read more »