00:01The week that I pay for the loan, you know, I get a lot of anxiety around that week,
00:12especially if I get an extra bill come in or if regos are, it's that uncertainty of
00:18whether or not I'm going to be able to make it through the week and have enough food to
00:23feed the kids. Removing any excess additional fees would help and potentially lowering the
00:30repayment, like it is quite high. And if I'm not needing to pay fees that are not needed,
00:37I'd like to hope that the repayment would drop. The people that suffer most from poor lending
00:43practices are people who are already disadvantaged when they seek a loan. We found big variations in
00:49interest rates. We also more importantly found big variations in the fees that were charged to
00:53consumers that could actually contribute to the overall value of a loan. So in the worst example
00:58we found, we found on a loan, a total value of around $49,000, the fees themselves came up to
01:05over $9,000 of that loan. These fees are outrageous, those high fees. Now it may well be in some
01:11cases
01:11that lenders are able to charge them under the law, but if they're adding to the cost of the loan,
01:17the lender needs to be making sure that the consumer can afford to repay that loan and that the loan
01:22is
01:23appropriate for the consumer.
