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Friends With Money #41: Payday loans - The debt trap

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In a tight spot and need money fast? Here's what you need to hear before you consider payday loans.

This week on the Friends with Money podcast, Money's Julia Newbould, is joined by financial coach Karen Eley and mortgage broker Marissa Schulze, to discuss why accessing these lenders can lead to more debt than you can handle. They discuss:

  • What are payday loans?
  • Why are Aussies resorting to these types of loans?
  • Can payday loans impact your credit score?
  • What are the alternatives?

friends with money podcast payday loans

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Friends With Money podcast FAQ

What is the Friends With Money podcast?

Friends With Money is a weekly personal finance podcast by Money magazine, offering expert insights on investing, budgeting, superannuation, property, and other money strategies for everyday Australians.

Where can I listen to the podcast?

You can listen on Apple Podcasts, Spotify, or YouTube (with closed captions available).

Who hosts Friends With Money?

Episodes are hosted by Vanessa Walker and Tom Watson from Money magazine, featuring expert guests and real conversations about money.

Is the podcast suitable for beginners?

Yes! It's designed to be accessible for beginners while still offering valuable insights for seasoned investors.

What topics does the podcast cover?

The Friends With Money podcast covers topics including banking, property, budgeting, superannuation, investing, saving, insurance, employment, travel and more.

How often are new episodes released?

New episodes are released weekly, so you can stay up to date with the latest financial tips and trends.

Can I watch episodes with captions?

Yes, full episodes with closed captions are available on YouTube.

Why subscribe to the Friends With Money podcast?

Boost your financial literacy anytime, anywhere with the Friends With Money podcast from Money magazine. Whether you're commuting, working out, or relaxing at home, this weekly podcast makes it easy to grow your money knowledge on the go.

Each episode dives into real conversations about money - how it's earned, shared, saved, and grown - with tips and insights that make finance simple and relatable. Perfect for beginners and seasoned investors alike, it's your go-to guide for building better financial habits.

Subscribe to the Friends With Money podcast today and start learning when it suits you.

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Julia Newbould was editor-at-large and later managing editor of Money from November 2019 to February 2022. She was previously editor of Financial Planning and Super Review magazines; managing editor at InvestorInfo and at Morningstar Australia. Julia co-authored The Joy of Money, a book on women and personal finance. She holds a Bachelor of Economics from the University of Sydney where she serves on the alumni council.

Karen Eley is the Founder of Women Talking Finance, which provides money coaching and financial literacy services to women. She is a Certified Money Coach and holds a Bachelor of Accounting from the University of South Australia and an Advanced Diploma in Financial Planning from Deakin University.

Marissa is a mortgage broker, property investor, property developer and property investment educator. She is the managing director of Rise High Financial Solutions. Marissa holds a Bachelor of Commerce (Accounting and Corporate Finance), a Bachelor of Law (Honours) from the University of Adelaide and a Diploma of Finance and Mortgage Broking.