Three million struggling Australians have access to quick cash loans to pay their bills

By Maureen R. Sutphin Last updated Apr 30, 2021

Some retirees resort to desperate measures to pay their bills, with only a few dollars a day after covering their living expenses.

Some rely on quick cash loans to get by – a system the federal government is now looking to overhaul.

Perth retiree Robyne Anderson lives on just $ 40 a fortnight.

This equates to less than $ 3 a day.

Once she pays her bills, that’s all she has left.

Life turns out to be difficult.

Robyne Anderson went to them 82 times for cash advances and personal loans Credit: 7 NEWS

“If something does come up, you’ll just have to wait until you can budget for it,” she told 7NEWS.

She faces unexpected costs – like her pet’s vet bills – by borrowing money from Cash Converters.

In the past decade, she has gone to them 82 times for cash advances and personal loans.

Payday loans

According to Cash Converters, more than three million Australians rely on the services of small lenders, often referred to as “payday loans”.

Often times, these people turn to these lenders because they are unable to obtain credit cards or bank loans.

But the way we borrow money is about to change, making it harder for people like Robyne to access money when she needs it.

Cash Converters says the proposed changes to consumer credit laws will be disastrous for people like Robyne.

“If something comes up, you just have to wait until you can budget for it.

The federal government says it wants to protect the vulnerable and crack down on cash lenders who charge exorbitant fees.

Small cash same day loans can be deposited quickly into bank accounts – often the same day – but they can get expensive.

The federal government is cracking down on payday loans. Credit: 7 NEWS