This lender has just been suspended

Payday lender PAID International has been suspended from credit activities until 7 April 2016 and is insolvent said the corporate watchdog ASIC.

In October 2014 PAID agreed to refund $914,000 in excessive loan fees to 6,650 customers. Some of that has been refunded. Those people may now get just 45 per cent of what they are owed.

In March 2015, ASIC reported that payday lenders need to improve compliance with key consumer protection laws. Personal loans or even credit cards from a reputable credit union or bank are a better bet in the long run for all borrowers than payday lenders. People in financial hardship can call a free financial counsellor on 1800 007 007.