CHOICE, along with 21 consumer organisations who make up the Close Lending Loopholes Coalition, made a submission to Treasury's Options Paper on Regulating Buy Now, Pay Later in Australia.
Buy Now, Pay Later credit products exploit loopholes in Australia's credit law to sell people into unaffordable debt.
The Close Lending Loopholes Coalition calls for the Federal Government to apply full regulation to Buy Now, Pay Later products under the National Consumer Credit Protection Act 2009 and the National Credit Code, in addition to other consumer protections.
The key recommendations in the submission include closing regulatory loopholes and introducing additional consumer protections that address the unique elements of Buy Now, Pay Later loans.
Download submission (PDF)
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