As per CCP response, they say it is NOT factually a "payday...

As per CCP response, they say it is NOT factually a "payday loan"
True, by using the 'revolving line of credit" wording is the only main differential.

So here is a question.
Why does CCP provide the loan as a revolving LOC?

Why?
What is the reason if not to get outside the payday code?

If I need $1000 to fix the car, CCP give me a loan to fix the car, I fix the car, pay off the debt, then CCP revolve another $1000 to me?
Why?
Most of these sorts of loans are for one off events I need cash to remedy, so why the need to revolve the credit?

One could suggest by continually revolving the credit will only benefit one person, and it's not the borrower at 48%p.a?

CCP response states the reason it's not a payday loan is because its a "revolving line of credit" yet even a blind man can see its a plot to only keep outside the payday small contract code.

So again, why provide a line of revolving credit?
Are the customers in financial trouble every 3 -6 months to need to re-borrow the funds?

Furthermore, from the 20 or more WW reviews i've read, it seems near no-one gets approved for the redraw/revolving line of credit once the first loan has been repaid.

Why not?

This shows me CCP are using the wording "revolving line" as a way to detract them from payday loans, as it gets them outside the code, yet they rarely actually allow the revolving line, so its proof of the charade imo.


Conclusion:

CCP IMO use the revolving line for one purpose only, to TRY to remove themselves from the "payday" stigma.

Yet happy to charge $10 for a late payment?
Yet happy to collect up to 200% on a loan with default fees?


To counter my own argument, I've suggested, CCP should come out with a branded credit card for their revolving line of credit, it could be impossible as may need to be a fully fledged ADI to do so, without being just a co-branded card with Visa or Mcard?

Also change the name "wallet wizard" as it insinuates even to a grade 3 student that it's a payday lender.

Name change to "My Overdraft "