Caught Short: Exploring the role of small, short-term loans in the lives of Australians. Interim Report

Banks, M 2011, Caught Short: Exploring the role of small, short-term loans in the lives of Australians. Interim Report, RMIT University, Melbourne, Australia


Document type: Commissioned Reports
Collection: Commissioned Reports

Title of report Caught Short: Exploring the role of small, short-term loans in the lives of Australians. Interim Report
Author(s) Banks, M
Year of publication 2011
Publisher RMIT University
Place of publication Melbourne, Australia
Subjects Public Policy
Abstract/Summary This interim report summarises key initial findings of a research project, undertaken by RMIT, Queensland University, National Australia Bank and Good Shepherd Youth & Family Service, investigating the lived experiences of people borrowing small, short-term loans from non-bank companies in Australia. In-depth interviews of 160 borrowers, lenders, regulators, consumer advocates and financial counsellors were mainly conducted in late 2010. A number of the more significant borrowing patterns of 112 individuals are highlighted in the paper, with more brief mention of the attitudes borrowers expressed about their relationships with lenders and their hopes for the future. Findings Being 'caught short' has structural and personal dimensions. Poverty pervades the lives of most borrowers interviewed: 78 per cent of research participants were receiving a Centrelink payment when interviewed.
Commissioning body ARC Linkage Project 0990992, Good Shepherd Youth and Family Service, National Australia Bank
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