Hot spot for loan victims

THE Federal Government is being called on to fast-track reforms to stop payday lenders from preying on vulnerable Gold Coasters.

Southport and Ormeau have been identified as two of the most at-risk suburbs in the state.

Southport has the highest number of people in need of financial literacy services while Ormeau had 65 bankruptcies declared in just three months.

Labor senator Murray Watt yesterday urged the Federal Government to lower the cap on payday lending repayments from 20 per cent to 10 per cent of a person’s income.

“These changes, along with other important reforms, are needed to stop dodgy payday lenders from preying on vulnerable people,” he said.