SRC caseworker help

Payday Loans and Why They Suck!

Payday loans or Small Amount Loans are a quick way to get cash, especially for those without a good credit rating. For the vast majority of situations they are absolutely horrendous, and should be avoided. The lure of getting cash as quickly as an hour after you apply should be considered in the sobering light of the interest rates or charges. Different loans have different conditions. Some promote that they have no charges, but charge an interest rate of up to 48%. Others do not charge interest, but instead charge an account management fee that is equivalent to at least 48%.

Debt consolidation loans are almost as bad. There are many fees and charges that are imposed, with little opportunity for your repayments to actually reduce your loan. Debt consolidation companies have been known to sign people into an act of bankruptcy, which can have profound effects on your financial health for many years.

There are better alternatives.

Your energy provider (electricity and gas) is part of the Energy Accounts Payment Assistance (EAPA) scheme which gives $50 vouchers to people in need. You could also ask your telephone and internet companies if they have a similar voucher scheme, or if they can put you on a payment plan. You might be able to get a bursary or an interest free loan through the University’s Financial Assistance Unit. If you are on a Centrelink payment you might be able to get an advance payment.

There may also be ways to spend less money each week. For example, there are many services around the University that provides cheap or free food, medical services, and other similar types of services. The SRC has a Guide to Living on Little Money [srcusyd.net.au/src-help/ money/guide-to-living-on-littlemoney] that might be helpful or make an appointment to talk to an SRC caseworker by calling 9660 5222.

Don’t miss the SRC’s

Essential Student Guide to Living on Little Money!

Available on the SRC website:

srcusyd.net.au/src-help/money/ guide-to-living-on-little-money/

Ask Abe

SRC caseworker help Q&A BEWARE of SCAMS!

IF IT SEEMS TOO GOOD TO BE TRUE, IT PROBABLY IS A SCAM!

Hi Abe, Someone I met at my uni accommodation told me about a different way of paying your fees. I’m an international student and the exchange rate and cost of transferring money makes my fees cost even more. This person said I can transfer money to their account in our country, and they will pay the fees from their Australian account. Is this true?

Sincerely, Fee Fear

Dear Fee Fear,

This sounds like a scam designed to steal your money. Unfortunately there are lots of people in Australia who will try to trick international students into paying them money. A good general rule to live by is: if it seems too good to be true, it probably is a scam.

Never give your personal details, bank information, or money to anyone whose identity you cannot verify. If you are contacted by someone who says they are from the government, the police, or the university and you are suspicious, contact the organisation via their official contact information yourself.

For more information about how to avoid scams, visit: scamwatch.gov.au/aboutscamwatch/tools-resources/ in-your-language

Sincerely, Abe

Do you need help with CENTRELINK? Ask the SRC!

The SRC has qualified caseworkers who can assist Sydney University undergraduates with Centrelink questions and issues, including: your income, parents’ income, qualifying as independent, relationships, over-payments and more.

Check out the Centelink articles on our website or book an appointment if you need more help. srcusyd.net.au/src-help