EDITORIAL: Some respite from loan sharks, but it’s not ideal
Alternatives to payday loan providers have emerged, but low wages will keep the industry going
24 July 2020 - 05:10
For most South Africans, it’s hard to resist the temptation to approach payday loans providers, especially when a financial shock hits them before the next salary cycle.
With promises of quick and easy loans to those who run short of cash between salaries, the payday loan industry is booming in a country with a low savings rate, a downtrend in wage growth and dangerously high personal debt levels...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.