Short term loans going from 14% to 18% (28% higher interest cost) may be less significant than highly leveraged mortgages going from 2% to 5% (150% higher interest cost).
I think more significant is that lots of low credit-score customers will be turned away from almost all lenders. So some people forced into homelessness etc instead of a short term loan.
The ASX listed short term lenders I looked at all claim increasing average Equifax scores. I guess ProductReview websites will show more complaints from people being turned away.
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